Schedule 4
Finance (No. 2) Bill
10:00 am
Rob Marris (Wolverhampton South West, Labour)
I should like clarification. Although I am not an accountant but a lawyer by background, the hon. Lady’s last remarks seemed to contradict her amendment No. 53, which calls for profit and lossesto be
“calculated in accordance with generally-accepted United Kingdom accounting principles.”
I thought that valuing and costing work in progress was a standard and generally accepted accounting principle. She seems to be saying that valuing work in progress, which is a standard accounting practice, could cause a problem, but surely that contradicts her amendment.