Diana Penny

The accountancy firm, which previously warned that mandatory publication could expose sensitive margins across Scotland’s globally competitive sectors, said the opt‑out represents an important safeguard for SMEs. However, it stressed that the wider reforms confirmed last week still amount to one of the most significant reporting changes in a generation.

Under the updated plans, SMEs will still need to file detailed P&L and balance sheet information with Companies House but will be able to prevent those figures from appearing publicly. At the same time, abridged accounts will be abolished, all companies will be required to digitally file their accounts in iXBRL format and there will be a reduction in number of times a company can shorten its accounting reference date.

Diana Penny, partner and head of audit at Henderson Loggie, said: “The opt‑out is a welcome and pragmatic response to the concerns raised by Scotland’s SME community. It protects commercially sensitive information while still supporting the Government’s transparency agenda. But the scale of change coming in 2028 should not be underestimated. The end of abridged accounts and mandatory digital filing will require early planning.’

“When we welcomed the delay earlier this year, we urged SMEs to use the breathing space wisely. That advice stands. Businesses now have clarity and a fixed timeline. Those who start preparing their systems, reporting frameworks and governance processes now will be in the strongest position when the new regime takes effect.”

Henderson Loggie will continue to monitor the development of secondary legislation and the forthcoming guidance on how the opt‑out mechanism will operate.