Show Search Form

Search Results

registered interest	true false
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 true false date of answer exactly: or between: and answer text answering member printed grouped question UIN question first answered question first ministerially corrected answering member label attachment file name title previous answer version answering member printed answering member label
tabling member	label

Search

847844

registered interest
date	23/02/2018
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	Financial Reporting Council
house id	2
legislature	25277 pref label House of Lords
question text	To ask Her Majesty's Government further to the Written Answer by Lord Henley on 20 February (HL5467), whether the Financial Reporting Council changed the wording after my question (HL4627) was tabled on 11 January; and why the Written Answer by Lord Henley on 1 February (HL5095) referred to a position with future effect, not the past and present position.
tabling member printed	Baroness Bowles of Berkhamsted
uin	HL5821
answer	answer is ministerial correction date of answer 05/03/2018 answer text <p>The fact sheet <ins class="ministerial">attached to the</ins> <del class="ministerial">placed into the Libraries of the House in</del> response <ins class="ministerial">given</ins> to question HL5095 used the word “requested” and is dated June 2017.</p><p> </p><p>My answer to question HL5095 stated the position as of 1<sup>st</sup> February 2018.</p> answering member printed Lord Henley question first answered 05/03/2018 15:27:58 question first ministerially corrected 26/03/2018 15:35:43 answering member 2616 label Biography information for Lord Henley previous answer version 44560 answering member printed Lord Henley answering member 2616 label Biography information for Lord Henley
tabling member	4562 label Biography information for Baroness Bowles of Berkhamsted

847845

registered interest
date	23/02/2018
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	2
legislature	25277 pref label House of Lords
question text	To ask Her Majesty's Government, further to the Written Answer by Lord Henley on 12 February (HL5280), what were the circumstances that led to the UK voluntarily adopting International Accounting Standards (IAS) for separate, company-only, accounts by invoking the option under Article 5 of the IAS Regulation 2001; and whether, prior to the UK invoking that option, the Financial Reporting Council or Department for Trade and Industry had anticipated the difficulties that this option would create for the use of separate accounts for capital maintenance purposes.
tabling member printed	Baroness Bowles of Berkhamsted
uin	HL5822
answer	answer is ministerial correction date of answer 05/03/2018 answer text <p>The Department for Trade and Industry consulted on the adoption of “International Accounting Standards” in 2002 (URN 2002/1158). The consultation considered whether the UK should exercise the Member State option under Article 5 of the IAS Regulation and, in particular, whether to extend the application of the Regulation to the individual accounts of publicly traded companies.</p><p> </p><p>The consultation stated that:</p><p> </p><p>“There may be good reasons to exercise this option in order to help internal consistency and comparability of accounts within the same group and assist in preparation of consolidated accounts. There is the additional advantage that the current practice of presenting entity financial statements of the parent with the group accounts as one package could continue. With no extension the practice would probably have to change, as it would be cumbersome and confusing to have to explain two different bases of preparation. We estimate that this would affect around 2700 companies.”</p><p> </p><p>The Government considered the responses to the consultation and conducted a full assessment of the costs and benefits of the various approaches to implement the IAS Regulation. Following this consideration the Government concluded that it would implement the option in the regulation, including to extend the application of the Regulation to the individual accounts of publicly traded companies.</p><p> </p><p>The Companies Act 1985 (International Accounting Standards and Other Accounting Amendments) Regulations 2004 (SI 2004 / 2947) provided for the application of the International Accounting Standards Regulation. The impact assessment accompanying the regulations sets out the Government’s assessment of the costs and benefits. It concluded that the Governments resulting policy on taking up the option in Article 5 overall had the following benefits:</p><p> </p><p>“Parent companies and building societies and subsidiaries in groups will be able to prepare their accounts to one framework of accounting standards. Companies and building societies that do business or seek capital across borders would be able to prepare their accounts to adopted IAS for ease of comparison. Comparability of accounts will assist, shareholders, analysts and other users of accounts.”</p> answering member printed Lord Henley question first answered 05/03/2018 15:29:38 answering member 2616 label Biography information for Lord Henley
tabling member	4562 label Biography information for Baroness Bowles of Berkhamsted

847846

registered interest
date	23/02/2018
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	Banks: Company Accounts
house id	2
legislature	25277 pref label House of Lords
question text	To ask Her Majesty's Government when the Financial Reporting Council (FRC) first became aware of any problems with International Accounting Standards for the capital adequacy of particular banks; by what means the FRC found out about such problems; which banks any such problems applied to; and how the FRC responded to any identified problems.
tabling member printed	Baroness Bowles of Berkhamsted
uin	HL5823
answer	answer is ministerial correction date of answer 05/03/2018 answer text <p>The Prudential Regulation Authority is responsible for regulation of the capital adequacy of banks. Prior to 2013 this was the responsibility of the Financial Services Authority. The Financial Reporting Council (FRC) was not aware of the contribution that certain features of the International Accounting Standards made to the problem of the capital adequacy of the banks until the problem was a matter of public knowledge. The FRC has engaged with UK Government, Europe, internationally, and with the International Accounting Standards Board since then to develop reforms to the standards, which address the concerns that have been identified.</p> answering member printed Lord Henley question first answered 05/03/2018 15:40:59 answering member 2616 label Biography information for Lord Henley
tabling member	4562 label Biography information for Baroness Bowles of Berkhamsted

847847

registered interest
date	23/02/2018
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	2
legislature	25277 pref label House of Lords
question text	To ask Her Majesty's Government, further to the Written Answer by Lord Henley on 12 February (HL5214), on which issues does the Financial Reporting Council now accept the position set out by Mr Bompas QC; and in particular whether section 831 of the Companies Act 2006 is one such issue.
tabling member printed	Baroness Bowles of Berkhamsted
uin	HL5824
answer	answer is ministerial correction date of answer 05/03/2018 answer text <p>As stated in the reply given to the noble Baroness on 12<sup>th</sup> February 2018 to question HL5214, the Financial Reporting Council (FRC) sought advice on a range of matters from Martin Moore QC and accepted the advice it received. This includes the advice relating to the requirements of the Companies Act 2006 that determines distributable profits. Section 831 forms part of those requirements. The FRC has not changed its views on those matters.</p> answering member printed Lord Henley question first answered 05/03/2018 15:30:45 answering member 2616 label Biography information for Lord Henley
tabling member	4562 label Biography information for Baroness Bowles of Berkhamsted

846842

registered interest
date	22/02/2018
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	Nuclear Safeguards
house id	2
legislature	25277 pref label House of Lords
question text	To ask Her Majesty's Government what new or modified information technology systems are required for the UK nuclear safeguarding authority to be approved by the International Atomic Energy Agency; and what are the estimated costs of developing those systems.
tabling member printed	Lord Teverson
uin	HL5804
answer	answer is ministerial correction date of answer 05/03/2018 answer text <p>To deliver a domestic safeguards regime, generally referred to as a State System of Accountancy for and Control of Nuclear Materials (SSAC), the Office for Nuclear Regulation (ONR) plans to put in place a Safeguards Information Management and Reporting System (SIMRS). The SIMRS will enable the ONR to obtain and process the information necessary to ensure timely submission to the International Atomic Energy Agency (IAEA) of the reports required by any future safeguards agreements with the IAEA. The SIMRS will also enable submission of any specific reports required by supplier states as part of Nuclear Cooperation Agreements (NCAs).</p><p>ONR has estimated that it will cost £10 million to establish a UK SSAC and SIMRS is included as a part of this overall estimate. An initial tender opportunity in relation to the SIMRS is currently being advertised on the Government Digital Marketplace and responses to that tender will provide more certainty on estimated costs.</p> answering member printed Lord Henley question first answered 05/03/2018 15:32:52 answering member 2616 label Biography information for Lord Henley
tabling member	3789 label Biography information for Lord Teverson

846662

registered interest
date	21/02/2018
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	Insolvency
house id	2
legislature	25277 pref label House of Lords
question text	To ask Her Majesty's Government when they intend to publish a full response to the feedback they received on their Review of the Corporate Insolvency Framework consultation, published in May 2016.
tabling member printed	Baroness Burt of Solihull
uin	HL5717
answer	answer is ministerial correction date of answer 05/03/2018 answer text <p>In May 2016 the Government published its Review of the Corporate Insolvency Framework consultation. The consultation contained a package of proposals to improve the rescue opportunities for financially-distressed companies in Great Britain.</p><p> </p><p>A summary of responses to the consultation was published in September 2016.</p><p> </p><p>Following the publication of the summary of responses, the Government has continued to engage with a range of interested parties to further discuss and explore issues raised in responses to the consultation. This further engagement will ensure that any reforms, if necessary, will be fit for purpose and best achieve the Government’s aims of rescuing distressed but viable businesses, therefore preserving both value and jobs.</p><p> </p><p>The Government recognises the importance of the insolvency and restructuring regime to the wider UK economy and the important role it plays in, amongst other things, creating strong conditions for growth and access to credit. The consultation stage impact assessment is available from <a href="http://www.gov.uk/" target="_blank">www.gov.uk</a>.</p><p> </p><p>A full response to the consultation will be published later this year.</p> answering member printed Lord Henley grouped question UIN HL5718 question first answered 05/03/2018 15:32:02 answering member 2616 label Biography information for Lord Henley attachment 1 file name Attachment to HL5718.pdf title Impact Assessment
tabling member	1567 label Biography information for Baroness Burt of Solihull

846663

registered interest
date	21/02/2018
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	Insolvency
house id	2
legislature	25277 pref label House of Lords
question text	To ask Her Majesty's Government what assessment they have made of the potential economic benefits of introducing reforms of the UK’s corporate insolvency framework.
tabling member printed	Baroness Burt of Solihull
uin	HL5718
answer	answer is ministerial correction date of answer 05/03/2018 answer text <p>In May 2016 the Government published its Review of the Corporate Insolvency Framework consultation. The consultation contained a package of proposals to improve the rescue opportunities for financially-distressed companies in Great Britain.</p><p> </p><p>A summary of responses to the consultation was published in September 2016.</p><p> </p><p>Following the publication of the summary of responses, the Government has continued to engage with a range of interested parties to further discuss and explore issues raised in responses to the consultation. This further engagement will ensure that any reforms, if necessary, will be fit for purpose and best achieve the Government’s aims of rescuing distressed but viable businesses, therefore preserving both value and jobs.</p><p> </p><p>The Government recognises the importance of the insolvency and restructuring regime to the wider UK economy and the important role it plays in, amongst other things, creating strong conditions for growth and access to credit. The consultation stage impact assessment is available from <a href="http://www.gov.uk/" target="_blank">www.gov.uk</a>.</p><p> </p><p>A full response to the consultation will be published later this year.</p> answering member printed Lord Henley grouped question UIN HL5717 question first answered 05/03/2018 15:32:02 answering member 2616 label Biography information for Lord Henley attachment 1 file name Attachment to HL5718.pdf title Impact Assessment
tabling member	1567 label Biography information for Baroness Burt of Solihull

845387

registered interest
date	20/02/2018
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	2
legislature	25277 pref label House of Lords
question text	To ask Her Majesty's Government, further to the Written Answers by Lord Henley on 12 February (HL5215 and HL5281), what role they played in commissioning and approving the legal opinion provided by Martin Moore QC, in the light of a Freedom of Information request (BEIS/FOI2016/15803) recording a Department for Business and Industrial Strategy (BIS) official stating that: “I agree; we will need to jointly commission with the FRC an opinion from an eminent QC which could be published" and the Financial Reporting Council later stating to an official that: “We have now developed the Martin Moore opinion to an advanced stage and I thought it would be useful to share it with you to see whether you would like to discuss any points or seek the inclusions of any points”; and whether they will publish any instructions provided to Mr Moore and any insertions added to the legal opinion that he produced.
tabling member printed	Baroness Bowles of Berkhamsted
uin	HL5587
answer	answer is ministerial correction date of answer 05/03/2018 answer text <p>Although initial consideration was given to the Department for Business, Innovation and Skills and the Financial Reporting Council (FRC) commissioning an opinion jointly from counsel, it was later agreed that the FRC would commission the opinion from Martin Moore QC independently.</p><p> </p> answering member printed Lord Henley question first answered 05/03/2018 15:39:34 answering member 2616 label Biography information for Lord Henley
tabling member	4562 label Biography information for Baroness Bowles of Berkhamsted

845388

registered interest
date	20/02/2018
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	2
legislature	25277 pref label House of Lords
question text	To ask Her Majesty's Government, further to the Written Answer by Lord Henley on 12 February (HL5281) which stated that “the FRC has to form its own view, for the fulfilment of its regulatory functions, of what it considers the law to be. The statement above is an example of the Government and the FRC working together to confirm such an interpretation”, whether the legal opinion by Michael Moore QC, published on 8 October 2013, was dependent upon the Ministerial Statement published by BIS on 3 October 2013, or whether the Ministerial Statement was dependent upon the Moore opinion.
tabling member printed	Baroness Bowles of Berkhamsted
uin	HL5588
answer	answer is ministerial correction date of answer 05/03/2018 answer text <p>The Department for Business, Innovation and Skills (BIS) received a draft copy of the legal opinion by Martin Moore QC on 19 September 2013. The statement from Jo Swinson MP about accounting standards, published on 3 October 2013, was based on discussions held with the Financial Reporting Council and consideration by BIS’s own legal advisers.</p> answering member printed Lord Henley question first answered 05/03/2018 15:39:01 answering member 2616 label Biography information for Lord Henley
tabling member	4562 label Biography information for Baroness Bowles of Berkhamsted

845389

registered interest
date	20/02/2018
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	2
legislature	25277 pref label House of Lords
question text	To ask Her Majesty's Government, further to the Written Answer by Lord Henley on 12 February (HL5212) which stated that “The Financial Reporting Council published a statement in June 2014 confirming that the true and fair requirement remains of fundamental importance in the preparation of accounts”, whether they have identified any mistakes in the description of requirements deriving from section 393 of the Companies Act 2006 within the June 2014 FRC statement; and when any such mistakes will be corrected.
tabling member printed	Baroness Bowles of Berkhamsted
uin	HL5589
answer	answer is ministerial correction date of answer 05/03/2018 answer text <p>The Department for Business, Energy and Industrial Strategy has not identified mistakes in the description of requirements deriving from section 393 of the Companies Act 2006 in the June 2014 Financial Reporting Council (FRC) statement. The FRC is an independent regulator.</p><p> </p><p> </p> answering member printed Lord Henley question first answered 05/03/2018 15:36:49 answering member 2616 label Biography information for Lord Henley
tabling member	4562 label Biography information for Baroness Bowles of Berkhamsted