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LATEST NEWS & EVENTS Business reporting procedures may be simplified  Businesses engaging banking and financial solicitor services may find their financial and corporate reporting requirements become more straightforward, as the government announces proposals to reform the system. The plans, set out in a discussion paper published with the Financial Reporting Council, intend to simplify the amount of reporting micro-entities would have to undertake. Potentially benefitting five million businesses, the proposals would mean the smallest firms would be required to file a simplified Trading Statement, in place of the current Profit and Loss account, a simplified Statement of Position and a simplified Annual Return. Minister responsible for corporate governance Edward Davey said: "Reducing unnecessary regulatory burdens on the smallest businesses can give them the freedom to innovate and grow - which ultimately benefits the entire economy." Although the paper is not technically government policy, the proposals could be implemented if they gain business support. It comes as the government undertakes its Red Tape Challenge, which is designed to free up businesses from complicated regulations. Posted by Georgina Price 
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