Tuesday, March 4, 2008

Accounting regulator ‘consults too much’

The accounting regulator should cut back on its consultations, a senior accountant has said, warning that the volume of papers and proposals is creating an extra burden for firms.

Richard Dyson, president of the ICAEW, the largest of the UK’s accounting institutes, on Tuesday night urged the Financial Reporting Council to focus on fewer areas.

“I think we would all like to see [the FRC] consult a little less. While many of the issues on the table are important ... the sheer volume of consultation documents creates additional burden for many,” he said in a speech at the institute’s annual dinner.

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