ACCA regularly invites our members to share their views on government policy consultations. Your valuable feedback helps shape our replies, including to the following during September and October:

• Department for Energy Security and Net Zero (DESNZ) – Climate-related transition plan requirements sought feedback on progress to meeting the Paris Agreement and the role of transition plans. We believe that transition plans are a critical tool in the delivery of net zero and wider sustainability goals. To be effective, such plans must be credible, actionable, and aligned with science-based targets – while also being proportionate and practical to implement.

• Department for Business and Trade: Assurance of sustainability reporting DBT sought views on the government's proposal for greater regulatory oversight of third-party assurance services for sustainability-related financial disclosures. We believe that the UK is well positioned to influence the sustainability assurance agenda both domestically and globally, building on its strong corporate governance framework. In developing the regime and adopting sustainability assurance standards it is important to ensure international interoperability to support cross-border consistency and market confidence.

• Department for Business and Trade: Exposure drafts: UK Sustainability Reporting Standards DBT sought views on the government's draft UK Sustainability Reporting Standards, based on the International Sustainability Standards Board standards. We believe that the UK SRS will support the goals of the UK’s Modern Industrial Strategy by strengthening investor confidence. The availability of clearer, more comparable disclosures will help to improve transparency on sustainability-related risks and opportunities, thereby attracting investment to the UK. This also supports the government’s ambitions to become a clean energy superpower and a global leader in sustainable finance.

• Financial Reporting Council: FRED 87 Draft amendments to FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland – Adapted formats the FRC proposed amendments designed to ensure FRS 102 remains fit for purpose and consistent with IFRS Accounting Standards in respect of the adapted formats for the balance sheet and/or the profit and loss account. Broadly, ACCA is supportive of the proposed amendments, to reflect previous amendments to IAS 1 and the replacement of IAS 1 with IFRS 18. ACCA has consistently advocated for consistency with international reporting standards, enabling enhanced comparability of financial statements internationally.

• Financial Reporting Council: Small and medium-sized enterprises (SME) market study the FRC invited feedback on the emerging findings of this ongoing study. ACCA remains supportive of the FRC’s efforts to reduce the reporting burden, agreeing with the issues identified and direction of potential remedies. ACCA’s overarching message is that the focus should be on complexity rather than size — given that an entity may be large but still be less complex.

• Financial Reporting Council: Consultation on Practice Note to support the audit of smaller and/or less complex entities. The FRC sought feedback on the practice note; our feedback included noting it was a positive step.

• Department for Business and Trade: Late payments consultation: tackling poor payment practices. DBT sought views on a package of proposed legislative measures to address late, long and disputed business to business (B2B) payments. ACCA is supportive of the proposals and believes it will help make progress in tackling late payment in the UK.

• HM Treasury: Budget. ACCA submitted a Budget Representation. We made key recommendations on the tax system, business confidence, skills, HMRC service.

If you have any particular feedback or case studies that would be useful for our responses, please contact us on UKPolicy@accaglobal.com.