RegulationAccounting StandardsICAEW FD survey shows need for fewer rules

ICAEW FD survey shows need for fewer rules

ICAEW’s latest enterprise survey report shows UK’s FDs looks to government for less regulation and increased improvement of the skills base

The
Institute
of Chartered Accountants in England and Wales
(ICAEW)’s 2007 Enterprise
Survey Report estimates that new legislation carries a price tab of up to
£10.2bn for UK businesses. The regulatory cost to micro businesses is highest in
relation to turnover and their share of the cost of implementing new legislation
is estimated to have increased to 76%.

Financial reporting and corporate governance are particular administrative
burdens for the very big businesses, while overall, employment legislation and
health and safety are seen to impose the greatest administrative burdens.

The survey, mostly of financial directors, confirms UK businesses are looking
to expand and are aware of the opportunities in the global marketplace. However,
they feel constrained, particularly by skills shortages, the regulatory burden
and complicated tax regime and look to the government to foster an environment
where businesses can flourish.

The survey shows a majority of 72% of respondent companies are engaged in
international activities and respondents were increasingly confident about the
impact of continuing globalisation on their business, 44% viewing it positively
– up from 40% in 2006.

Further reading:

ICAEW launches non-executive director group

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