BusinessCompany NewsHodge won’t budge on companies bill

Hodge won't budge on companies bill

Government stands firm on suppliers and the accounts

The government has refused requests from businesses to water down a
controversial new requirement to publish their dealings with suppliers in their
accounts.

Business is unhappy with late amendments to the companies bill, but industry
minister
Margaret
Hodge
has affirmed that the legislation will not be amended to
appease business, the
Guardian
reports.

The bill, which has 655 government amendments, has already been debated in
the Commons and is due to begin its passage through the Lords this week.
The
CBI
has pressed for government to withdraw the requirement to
publish dealings with suppliers.

Hodge, however, is not prepared to back down.

‘We have clarified again the intent of this particular provision and to put
it beyond doubt we will clarify it again when the clause is discussed in the
Lords. We think this is a marginal cost to companies, which will have improved
transparency and accounting. I hope I will be able to reassure them that this is
proportionate and sensible and that the best companies are doing this anyway,’
Hodge said.

Further reading:

Big Four gains support on liability argument

Company reports: an annual struggle

Hopes build for end of ‘reckless’ audit law

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