With the current regulations a great tome of paperwork is produced within which is theoretically the financial information of the company. However, as proved with the banking problems, the accounts do not clearly state the situation. Now there isn't even a "Profit & Loss" account which has been acceptable for hundreds of years. We need clearer more concise information which you don't need a degree in accountancy to interpret.
Simplification of accounts would save paper, save energy, save businesses money, improve clarity for the authorities and give the proper information to those who need it including those who actually own the companies (the shareholders).
Companies of all sizes would benefit.