People in accounting jobs in the UK – as well as those who wish to join the sector in the future – could soon find their role is a little simpler.

The Department for Business, Innovation and Skills and the Financial Reporting Council have teamed up to produce a discussion paper with proposals to reduce the requirements made of small firms when it comes to accounting.

Simpler Reporting for Small Businesses is designed to cut down on the amount of tasks the smallest companies must undertake.

It is thought that the move could benefit about five million organisations, both in terms of time saved and financial gains.

"Reducing unnecessary regulatory burdens on the smallest businesses can give them the freedom to innovate and grow - which ultimately benefits the entire economy and is absolutely central to the coalition's vision for Britain," said the minister responsible for corporate governance Edward Davey.

The Hay Group recently said it believes many jobs in the finance sector in the UK to be at risk.

Posted by Kate Griffin