Recommendation 12

HM Treasury told us that it is considering opportunities for simplifying disclosures in annual report and accounts, but that it would want to consider the risks and benefits of a streamlined reporting regime for small central government bodies.21 HM Treasury also told us that savings arising from a small body reporting regime would be modest, and that they would have to be balanced against the loss in transparency arising from less detailed reporting.22 In our view, if properly implemented, a streamlined small body reporting regime would deliver significant additional benefits. It would free civil servants’ time to deliver their day-to-day job more efficiently.23 It would enhance accountability and transparency, because removing unnecessary information from annual reports and accounts makes it easier for Parliament and the public to focus on what is important.24 In a written submission, academics noted that it could also reduce the cost to Parliament of funding the financial audit of small bodies.25 Requirements for specialist functions