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answer › date of answer	2018-02-12
question text	To ask Her Majesty%27s Government what immediate action, if any, was taken as a result of a letter from the Financial Reporting Council (FRC) to the Department of Trade and Industry of 8 April 2005 stating that (1) the FRC regarded the law relating to capital maintenance, which includes the net assets test of section 831 of the Companies Act 2006, then the Companies Act 1985, as outmoded, and (2) following the law did not form part of%C2%A0the FRC%27s%C2%A0thinking in setting and approving accounting standards; and if no action was taken, why not.
max answer › date of answer	2018-11-19
max answer › question first answered	2018-11-15T14:53:10.4Z

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registered interest

date

exactly:

or between:
and

answering body

answering dept id

answering dept short name

answering dept sort name

hansard heading

house id

legislature


pref label

question text

tabling member printed

uin

answer

is ministerial correction

date of answer

exactly:

or between:
and

answer text

answering member printed

question first answered

answering member


label

tabling member


label

834474

registered interest

date

31/01/2018

answering body

Department for Business, Energy and Industrial Strategy

answering dept id

201

answering dept short name

Business, Energy and Industrial Strategy

answering dept sort name

Business, Energy and Industrial Strategy

hansard heading

Company Accounts

house id

legislature

25277

	pref label	House of Lords

question text

To ask Her Majesty's Government what immediate action, if any, was taken as a result of a letter from the Financial Reporting Council (FRC) to the Department of Trade and Industry of 8 April 2005 stating that (1) the FRC regarded the law relating to capital maintenance, which includes the net assets test of section 831 of the Companies Act 2006, then the Companies Act 1985, as outmoded, and (2) following the law did not form part of the FRC's thinking in setting and approving accounting standards; and if no action was taken, why not.

tabling member printed

Baroness Bowles of Berkhamsted

uin

HL5280

answer

is ministerial correction

date of answer

12/02/2018

answer text

No immediate substantive action was possible as the legal framework discussed in the letter from the Financial Reporting Council transposes EU law. The determination of the distributable profits and of a distribution by a public company must be based on the profits of the company as set out in the company’s accounts. These must be prepared in accordance with the accounting standards, with the overriding requirement that they must give a true and fair view of the company’s finances. However, the Government has stated previously that it does not consider that the Companies Act requires the accounts of the company to state the company’s distributable profits.

answering member printed

Lord Henley

question first answered

12/02/2018 13:23:10

answering member

2616

	label	Biography information for Lord Henley

tabling member

4562

	label	Biography information for Baroness Bowles of Berkhamsted