Business Impact Target
The Financial Reporting Council is subject to the Government’s Business Impact Target (BIT) following the provisions of the Small Bussiness, Enterprise and Employment Act 2015 which aims to:
- reduce regulatory burdens on business and voluntary or community bodies;
- ensure greater transparency around the impact of regulation on business; and,
- provide greater incentives for regulators to design and deliver policies that better meet the needs of business.
You can find more background on the BIT here
Only those functions of the FRC that are underpinned by statute are within scope of the the BIT.
A list of the FRC’s Qualifying Regulatory Provisions for 27 May 2015 - 3 May 2017 can be found here
A summary of the FRC’s Non-qualifying Regulatory Provisions for 27 May 2015 - 3 May 2017 can be found here