Company Accounts: Standards

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

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

To ask Her Majesty's Government, further to the Written Answer by Lord Callanan on 20 May (HL31), why s833A is relevant to that answer, given that s833A does not provide an example of adjustments to numbers in the audited accounts because s833A(7) uses different numbers valued in accordance with rules from the Prudential Regulatory Authority instead.

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

As noted in the answer I gave to HL31, section 833A is an example of a factor that directors in certain insurance companies may need to consider when using their relevant accounts to determine their company’s distributable profits. Section 833A works in tandem with other sections that reference the accounts, to create a dual test.

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