Financial Director has reported:
The UK Accounting Standards Board (ASB) made the estimate as it launched new accounting codes for an estimated 80,000 UK SMEs. The ASB believes the £78.9m price tag, which includes training, software, preparation, external advice, transition and labour costs, will be recovered as businesses have better access to bank finance as a result of the new standards.
Interesting. According to those of little knowledge and less wisdom on the right of politics all regulation and all business burdens are imposed by the state.
They should think again.
I am also amused to note that Financial Director got their report seriously wrong when they say:
The board believes if the new standards lead to a 0.25% rise in the cost of borrowing, it would lead to a £250m cost saving for UK businesses. However, it concedes "benefits are impossible to quantify in a realistic way".
I added the emphasis. I presume they meant fall.