Company Accounts: Standards

Department for Business, Energy and Industrial Strategy written question – answered on 27th May 2022.

Alert me about debates like this

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

To ask Her Majesty's Government, further to the Written Answers by Lord Callanan on 20 May (HL27 and HL31), by what authority the UK Endorsement Board is endorsing accounting standards under its duties in secondary legislation without considering the primary legislative framework in which those standards sit; and when was such authority (1) given, and (2) by whom.

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

Regulation 5 of the International Accounting Standards and European Public Limited-Liability Company (Amendment etc.) (EU Exit) Regulations 2019 (SI 2019/685) gave the Secretary of State the responsibility to adopt international accounting standards, with a view to harmonising the financial information presented by companies preparing accounts required by section 403(1) of the Companies Act 2006. This responsibility was delegated to the UK Endorsement Board via the International Accounting Standards (Delegation of Functions) (EU Exit) Regulations 2021, which was approved by Parliament and came into force on 22 May 2021. The delegation also includes the requirement to abide by the basis for adoption of international accounting standards set-out in Regulation 7 of SI 2019/685.

Does this answer the above question?

Yes0 people think so

No0 people think not

Would you like to ask a question like this yourself? Use our Freedom of Information site.