![]() This threshold, the relic of an EU directive, could be forcing too many of Britain’s smallest businesses to spend time and money preparing accounts to a level of detail only needed for larger companies, distracting them from focusing on growth and creating jobs. Big business definition update#In particular, the government will update the definition of micro-enterprises. This will help the UK’s companies grow whilst bolstering investment, as we take advantage of Brexit freedoms to regulate in a more proportionate and agile way that works for British businesses. The reforms to improve the audit regime and corporate transparency will help prevent sudden large-scale collapses like Carillion and BHS, which hurt countless small businesses and led to job losses.Īdditionally, the government has announced today that it will review wider reporting burdens on large and small businesses including those from retained EU law. It is crucial to supporting confidence in businesses, encouraging investment and growth which in turn helps create jobs. ![]() Government will revamp the UK’s corporate reporting and audit regime through a new regulator, greater accountability for big business and by addressing the dominance of the Big Four audit firms, the Business Secretary confirmed today (Tuesday 31 May).Įffective corporate reporting and audit ensures investors and the public can assess the health of large companies. government commits to review corporate reporting burdens on businesses to maximise the benefits of Brexit and reduce burdens. ![]() reform is already underway, with the Business Secretary taking action today to enable the regulator to ban failing auditors from reviewing large companies’ accounts.Government will tackle dominance of ‘Big Four’ audit firms and create a new regulator to reduce the risk of sudden big company collapses, safeguard jobs and reinforce the UK’s reputation as a world-leading destination for investment. ![]()
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