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While the move toward greater transparency is understandable, it’s worth noting that the accounts themselves don’t change—whether abridged or fully disclosed, the underlying financial data remains the same. The key issue lies in how that information is presented and interpreted.

If the goal is to combat fraud effectively, it would be more impactful to address some of the more obvious abuses of limited company status—such as directors repeatedly dissolving companies and starting new ones to avoid liabilities. This practice, which is prevalent in sectors like construction and used car sales, undermines the integrity of the corporate framework far more than selective reporting ever did.

Improving transparency is important, but without tackling these systemic loopholes, the reforms risk missing their most meaningful targets.