Business Innovation and Skills have published a discussion paper on – UK Implementation of the EU Accounting Directive
BIPA has responded to the above and welcomes the opportunity to comment on the consultation.
BIPA believes the government has an opportunity to consider its position in respect of legislation for small and medium size companies to file abridged accounts. In the positive environment of “Open Data” and “Transparency”, with the focus on lending to SMEs, it is a contradiction to make less information available on registered companies. Less information prevents organisations from forming a positive and accurate view about trading with a business, reduces the free flow of trade credit and new lending opportunities. BIPA believes that the continued reduction of accounts filing in the UK is a backward step.