Summary accounts for small companies
Non-listed businesses will no longer have to provide full accounts to shareholders
The government has introduced legislation that would allow non-listed
companies for the first time to prepare and distribute summary accounts to their
shareholders instead of full financial statements.
The rules, which come into force in October, would bring unquoted companies
into line with their listed counterparts, and the government hopes that this
will lighten the financial reporting burdens for smaller companies.
The legislation will also make small financial services companies engaged in
insurance mediation or mortgage advisory activities exempt from a statutory
audit.