The average annual report has broken the ton, stretching to more than 100 pages, according to research by Big Four firm Deloitte, which wants government to ease the reporting burden on UK businesses.
The average report length has almost doubled from 56 pages in 2000 to 101 pages today, according to the study. The research will put pressure on the government to ease the reporting burden on businesses as part of its far-reaching review of corporate reporting.
Isobel Sharp, senior partner with Deloitte, believes current reporting regulation is confusing and can hinder meaningful communication between companies and their shareholders.
“The current model is a confusing and one which, in my previous report, I described as dysfunctional,” she said.
She believes company reports are becoming standardised, as companies copy each other to blunt any potential competitive or legal risk.
“Inevitably you plagerise because plagerisation is safer than improvisation,” she said.
The government is investigating possible reforms to reporting requirements, following its decision to reintroduce the Operating and Financial Review.
The Financial Reporting Council has issued guidance regarding the annual reporting of 1,200 large and smaller listed companies. The letter highlighted the key issues and improvements that can be made in the 2016 reporting season
Baldwins Accountancy Group has continued investment in the north-east and appointed David Fish as a director in its corporate finance team
UK M&A activity bounced back strongly in July and August, according to analysis by the deals practice at PwC.
Smith & Williamson has added Jim Clark and Philip Marsden, of Marsden Clark Corporate Finance Limited, to its corporate finance team.