Consultation outlines sweeping overhaul of ‘messy’ corporate reporting, including audit exemptions, dividend reforms, and changes to accounting standards
In a 70-page consultation titled ‘Modernising Corporate Reporting to support long-term economic growth’, the government argued the current system has become ‘messy and piecemeal’, creating ‘needless compliance costs’.
The consultation runs for 12 weeks, between 7 September and 30 November 2026. The government said it is seeking views from companies, investors, auditors and professional bodies, with the consultation ‘open to everyone with an interest’.
Headline proposals include creating a ‘lighter regulatory load for small and medium-sized enterprises’, including allowing some firms to qualify for an audit exemption; testing the ‘usefulness’ of mandatory reporting requirements for private companies; and plans to ‘simplify and streamline’ strategic, remuneration and governance reporting.
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