As part of the UK Financial Reporting Council’s (FRC’s) audit market study for SMEs, the regulator is requesting input from organisations, stakeholders, and other individuals involved in the market.
The study looks to examine how effectively the audit market serves SMEs, burdens arising from accounting and audit standards, and challenges faced by auditors when auditing SMEs, according to a news release.
The first discussion was Thursday, with further roundtables scheduled throughout the month and the beginning of April.
Information on the study, including supporting documents, can be accessed online. The consultation closes 25 April. Comments can be emailed to competition@frc.org.uk.
New tool designed to improve access to reporting data
A new digital tool, recently launched by the FRC, aims to improve free access to structured company reporting data, a news release said, in a significant step forward in making company financial information more accessible and transparent to stakeholders.
The Viewer is a tool that enables users to easily view and analyse Inline eXtensible Business Reporting Language (iXBRL) files, displaying tagged data within reports, the release said.
“The project … aims to accelerate and support the use of structured company and organisational data across both public and regulatory sectors,” the release continued, “which enables UK regulators and local authorities to create a regulatory environment that encourages business innovation and investment.”
The FRC encourages feedback at ukixbrlviewer@frc.org.uk, which will help inform developments and improvements.
— To comment on this article or to suggest an idea for another article, contact Steph Brown at Stephanie.Brown@aicpa-cima.com.