Academic journal article Manager

Accountants Welcome Government Proposals for UK Companies

Academic journal article Manager

Accountants Welcome Government Proposals for UK Companies

Article excerpt

ACCA (the Association of Chartered Certified Accountants) has welcomed the draft Companies Bill contained in the DTI's White paper, Modernising Company Law. They believe that it should improve significantly the current environment for the 99% of companies in the UK which are small and private. The White Paper lays the foundations for a new regime which will bring UK company law more into line with the real world.

Informal style

ACCA regards as helpful the fact that the individual clauses have been drafted in an informal style, as this will help to make the forthcoming Companies Bill more accessible and less needlessly complex than the current legislation. The body also welcomes a new Code for directors' duties and the introduction of a minimum standard of skill and care for individual directors. Enhanced skill levels among company directors will help to increase overall levels of compliance with legislative requirements and encourage more responsible corporate conduct. ACCA considers, however, that the proposed new Code must pay due regard to directors' duties to their companies' creditors.

ACCA also welcomes the new powers to strengthen the information-gathering rights available to the auditor. …

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