The Financial Reporting Council is consulting the profession on ways in to improve the cost-effectiveness of regulation that it issues without compromising the achievement of high standards of corporate reporting and governance.

It has published a document which highlights some of the most significant of its efforts to reduce the costs and now invites comment on further opportunities.

The paper focuses on opportunities to reduce the costs associated with FRC regulation rather than on its internal costs.

Proposals highlighted in the paper include:

• a major project to review the relevance and complexity of corporate reporting and,

• the FRC’s continuing work to promote cost-effectiveness in the development of international accounting and auditing standards.

The document also notes future potential consultations, which include a proposal to provide business with a summary of FRC regulatory requirements for SMEs.

FRC Chief Executive, Paul Boyle, said the organisation is committed to meeting the principles of good regulation.

'We welcome views on ways to improve the cost–effectiveness of FRC regulation without reducing the necessary high standards we set for corporate reporting and governance in the UK. We hope that the publication of this paper will stimulate a continuing dialogue with stakeholders about ways to improve the cost effectiveness of FRC regulation whilst preserving confidence on corporate reporting and governance,' said Boyle.

The deadline for comments on the issue is 31 May 2008.

Find the FRC's proposals here.