Speaking at an FRC webinar focusing on the latest developments in UK GAAP, Kate O’Neill, director of stakeholder engagement at FRC said: ‘This is a giant piece of work to make accounts less burdensome and more user-friendly. Good financial accounts affect a large part of the stakeholder universe and entities need them to raise finance and attract capital.’

The UK GAAP standards cover an estimated 3.4 million entities, affecting a huge number of companies and organisations.