Draft corporate reporting regulations withdrawn by government

23 October 2023      Joni Rhodes, BUFDG Project Manager

The Institute of Chartered Accountants in England and Wales (ICAEW) has expressed disappointment at the decision to abandon new rules for large UK listed and private companies which signals the end of a process of audit and corporate governance reform initiated after the Carillion collapse.

Parliament was scheduled to debate the draft legislation, which was only proposed three months ago, but the Government has now withdrawn it on the basis that there is a need to reduce regulatory burdens on businesses. The decision reflects a push to simplify reporting and create a more focused, streamlined, and effective framework for businesses and investors, reinforcing the UK's attractiveness for business operations.

However, it is understood the Government remains committed to broader reform, including the establishment of a new regulator, the Audit, Reporting, and Governance Authority (ARGA), to replace the existing Financial Reporting Council when parliamentary time allows.

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