Companies call for regulator to reduce accounting complexity and cut costs, while quality of guidance needs to improve, as FRC considers ‘substantial changes’ to filing requirements
A number of legislative changes such as the Economic Crime & Transparency Act 2023, tighter rules at Companies House, higher company thresholds and regulatory changes after Brexit, mean that the Financial Reporting Council (FRC) is ‘in the early stages of considering significant and substantial changes regarding their digital filing requirements’.
The overhaul of digital reporting sees the FRC, Companies House, HMRC, Charity Commission and Irish Revenue all involved with the Taxonomies project, although as yet there is no timetable for rollout of new rules. It is hoped it will be developed in line with the government’s pro-growth, lighter regulation mantra.
The planned financial reporting overhaul triggered a discussion with company reporters, software developers and professional bodies last autumn to ask them for their views on the future of digital reporting.
