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Company Accounts

Department for Business, Energy and Industrial Strategy written question – answered on 30th January 2019.

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Photo of Baroness Bowles of Berkhamsted Baroness Bowles of Berkhamsted Liberal Democrat

To ask Her Majesty's Government what accounting framework is (1) applicable, and (2) suitable to deliver the requirements relating to (a) auditors, and (b) accounts set out in sections 92, 498(1) and (2), 519, 714(4), 836, and 837 of the Companies Act 2006.

Photo of Lord Henley Lord Henley Parliamentary Under-Secretary (Department for Business, Energy and Industrial Strategy)

The Companies Act 2006 provides for two alternative accounting frameworks, “Companies Act accounts” where more detailed accounting rules are within the Act (supplemented by accounting standards) and “IAS accounts” where detailed rules are set out in the International Accounting Standards.

The accounting frameworks as provided for in the Companies Act 2006 are applicable and suitable for the purposes of sections 92, 498(1) and (2), 519, 714(4), 836, and 837 of the Companies Act 2006.

Does this answer the above question?

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