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 constituency
tabling member printed
uin
answer	is ministerial correction true false date of answer exactly: or between: and answer text answering member constituency answering member printed attachment file name title question first answered question first ministerially corrected answering member label previous answer version answering member printed answering member label
tabling member	label

Search

1485208

registered interest
date	30/06/2022
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 Callanan on 20 May (HL31) and 21 June (HL864), whether (1) quangos acting under a legislative framework, and (2) government departments overseeing the activities of quangos acting under a legislative framework, take into account the leading case law on the subject matter at stake.
tabling member printed	Baroness Bowles of Berkhamsted
uin	HL1372
answer	answer is ministerial correction date of answer 12/07/2022 answer text <p>Regulators and other public bodies will consider case law to the extent that it is directly applicable to their legal functions.</p> answering member printed Lord Callanan question first answered 12/07/2022 16:13:33 answering member 4336 label Biography information for Lord Callanan
tabling member	4562 label Biography information for Baroness Bowles of Berkhamsted

1485211

registered interest
date	30/06/2022
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 Callanan on 20 December 2021 (HL4706), which said that the Companies Act 2006 “does not establish a requirement for the company to disclose its undistributable reserves”, what consideration they have given to amending that answer in light of the Financing Reporting Council Publication Miscellaneous Reports By Auditors Required By The United Kingdom Companies Act 2006, published in March, which said that “With respect to the auditor’s responsibility, the auditor’s statement states that it is restricted to an examination of the relationship between the company’s net assets and it’s called up share capital and undistributable reserves as stated in the audited balance sheet".
tabling member printed	Baroness Bowles of Berkhamsted
uin	HL1375
answer	answer is ministerial correction date of answer 12/07/2022 answer text <p>No consideration has been given to amending the response to HL4706. The Companies Act 2006 does not establish a requirement for the company to disclose its undistributable reserves. The publication referenced provides guidance for auditors when making reports required, in certain circumstances, by The Companies Act 2006. Proposals to require certain companies to disclose their distributable reserves were included in the Government’s response to <em>Restoring trust in audit and corporate governance</em>.</p> answering member printed Lord Callanan question first answered 12/07/2022 16:19:26 answering member 4336 label Biography information for Lord Callanan
tabling member	4562 label Biography information for Baroness Bowles of Berkhamsted

1485212

registered interest
date	30/06/2022
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 11 April 2018 (HL6619), why (1) they, and (2) the Financial Reporting Council, consider that the powers of section 464 do not include distributable profits GAAP for the audited annual accounts as relevant accounts, given that section 853(4) Companies Act 2006 states that “references to ‘realised profits’ and ‘realised losses’, in relation to a company's accounts, are to such profits or losses of the company as fall to be treated as realised in accordance with principles generally accepted at the time when the accounts are prepared, with respect to the determination for accounting purposes of realised profits or losses”.
tabling member printed	Baroness Bowles of Berkhamsted
uin	HL1376
answer	answer is ministerial correction date of answer 12/07/2022 answer text <p>The accounting standards in Section 464 of the Companies Act 2006 are relevant to the preparation of individual or group accounts in accordance with Part 15 of the Act. The Act does not establish a requirement for companies to disclose their distributable profits. Individual accounts are the starting point for calculating distributable profits under Part 23 of the Act. Proposals to give ARGA responsibility for issuing guidance on what should be treated as “realised” profits and losses for the purposes of section 853 of the Act were included in the Government’s response to <em>Restoring trust in audit and corporate governance</em>.</p> answering member printed Lord Callanan question first answered 12/07/2022 16:20:08 answering member 4336 label Biography information for Lord Callanan
tabling member	4562 label Biography information for Baroness Bowles of Berkhamsted

1469970

registered interest
date	13/06/2022
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 Callanan on 1 June (HL473), what assessment they made of the duties of auditors set out the decision in Caparo Vs Dickman when providing that answer; and in particular, the part of the judgment which states "It is the auditors' function to ensure, so far as possible, that the financial information as to the company's affairs prepared by the directors accurately reflects the company's position in order, first, to protect the company itself from the consequences of undetected errors or, possibly, wrongdoing (by, for instance, declaring dividends out of capital)."
tabling member printed	Baroness Bowles of Berkhamsted
uin	HL864
answer	answer is ministerial correction date of answer 21/06/2022 answer text <p>The Government did not make an assessment in providing the Written Answer on 1 June 2022 to Question HL473. The interpretation of court judgements is not a matter for the Government, but for relevant regulators and the courts.</p> answering member printed Lord Callanan question first answered 21/06/2022 11:01:59 answering member 4336 label Biography information for Lord Callanan
tabling member	4562 label Biography information for Baroness Bowles of Berkhamsted

1465591

registered interest
date	24/05/2022
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 Callanan on 20 May (HL31), what assessment they have made of the judgment given in the Caparo V Dickman case; and whether their reply was based on that assessment.
tabling member printed	Baroness Bowles of Berkhamsted
uin	HL473
answer	answer is ministerial correction date of answer 01/06/2022 answer text <p>The Government did not make an assessment of the Caparo V Dickman case in providing the Written Answer on 20 May 2022 to Question HL31.</p> answering member printed Lord Callanan question first answered 01/06/2022 13:37:56 answering member 4336 label Biography information for Lord Callanan
tabling member	4562 label Biography information for Baroness Bowles of Berkhamsted

1421090

registered interest
date	08/02/2022
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 5 March 2018 (HL5587) and to the article in The Times ‘Standards board ‘looks like a cabal’’, published on 7 February, what assessment they have made of whether legal advice obtained from Martin Moore QC for (1) the Financial Reporting Council, or (2) the Institute of Chartered Accountants in England and Wales, has been (a) properly obtained, (b) independent, and (c) suitable for determining matters of public interest.
tabling member printed	Baroness Bowles of Berkhamsted
uin	HL6077
answer	answer is ministerial correction date of answer 17/02/2022 answer text <p>The organisations referred to in these questions - the UK Endorsement Board (UKEB), the Financial Reporting Council (FRC) and the Institute of Chartered Accountants in England and Wales (ICAEW) – are responsible for procuring their own legal advice. The FRC which <del class="ministerial">facilities</del><ins class="ministerial">facilitates</ins> the UKEB is an arm’s length body which reports annually to the Department on how it has carried out responsibilities under its remit. The ICAEW is an independent organisation.</p><p> </p><p>The issue of whether to publish legal advice is for the respective organisations to consider.</p> answering member printed Lord Callanan question first answered 17/02/2022 10:40:28 question first ministerially corrected 14/03/2022 11:43:08 answering member 4336 label Biography information for Lord Callanan previous answer version 51487 answering member printed Lord Callanan answering member 4336 label Biography information for Lord Callanan
tabling member	4562 label Biography information for Baroness Bowles of Berkhamsted

1380321

registered interest
date	19/11/2021
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 30 January 2019 (HL12948), when the accounting framework for the purposes of sections 92, 498 (1) and (2), 519, 714(4), 836, and 837 of the Companies Act 2006 will be considered by the UK Endorsement Board to ensure that the detailed rules of IFRS 17 do not run contrary to those sections.
tabling member printed	Baroness Bowles of Berkhamsted
uin	HL4213
answer	answer is ministerial correction date of answer 06/12/2021 answer text <p>The UK Endorsement Board (UKEB) has been delegated powers to consider International Financial Reporting Standards (IFRS) for endorsement and adoption in the UK. This is to ensure that the financial information presented by the companies required by section 403(1) of the Companies Act 2006 to prepare their group accounts in accordance with UK-adopted international accounting standards.</p><p> </p><p> </p><p>The UKEB’s draft Endorsement Criteria Assessment against the adoption criteria for IFRS 17 <em>Insurance Contracts</em> was published for public consultation on 11 November 2021. The consultation will be open until 3 February 2022.</p> answering member printed Lord Callanan question first answered 06/12/2021 12:04:45 answering member 4336 label Biography information for Lord Callanan
tabling member	4562 label Biography information for Baroness Bowles of Berkhamsted

1353355

registered interest
date	07/09/2021
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	1
legislature	25259 pref label House of Commons
question text	To ask the Secretary of State for Business, Energy and Industrial Strategy, if he will make it his policy to allow companies to adopt policies to abide by Wates Review principles, rather than impose a public interest entities system; and if he will make a statement.
tabling member constituency	Tewkesbury
tabling member printed	Mr Laurence Robertson
uin	44192
answer	answer is ministerial correction date of answer 13/09/2021 answer text <p>The Wates Principles provide a way to complying with corporate governance reporting requirement on large private companies in the Companies (Miscellaneous Reporting) Regulations 2018. Reporting started from January 2020. The Government and the Financial Reporting Council are in the process of evaluating its effectiveness, including use of the Wates Principles.</p><p> </p><p>The Government’s White Paper ‘Restoring trust in audit and corporate governance’ set out proposals to introduce a wider definition of ‘public interest entity’ to ensure that large businesses of all types which are of public importance are subject to appropriate regulation. The Government is currently considering responses and will respond in due course.</p> answering member constituency Sutton and Cheam answering member printed Paul Scully question first answered 13/09/2021 15:23:49 answering member 4414 label Biography information for Paul Scully
tabling member	253 label Biography information for Mr Laurence Robertson

1304420

registered interest
date	19/03/2021
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 which (1) sections of the Companies Act 2006, or (2) regulations made under that Act, outline (a) the accounting treatment, and (b) the disclosure requirements, for finance secured through reverse factoring.
tabling member printed	Lord Sikka
uin	HL14423
answer	answer is ministerial correction date of answer 31/03/2021 answer text <p>The Companies Act 2006 does not include specific requirements for finance secured through reverse factoring. However, section 393 places a requirement on directors that the accounts must provide a true and fair view of the assets, liabilities, financial position and profit or loss of a company or group. This places a responsibility to provide such information as is necessary to ensure that requirement is met, including where reverse factoring is used in supply chain arrangements.</p><p> </p><p>The correct accounting treatment for reverse factoring is dependent on the terms and conditions of the factoring arrangement in place. The International Financial Reporting Standards (IFRS) Interpretations Committee and the Financial Reporting Council (FRC) have both issued guidance addressing the accounting standards requirements for reverse factoring, including guidance on additional disclosures. Copies of the guidance are attached below. The International Accounting Standards Board is also considering whether to add a project on reverse factoring to its agenda, as part of their responsibility for issuing International Financial Reporting Standards.</p> answering member printed Lord Callanan attachment 1 file name supply-chain-financing-arrangements-reverse-factoring-december-2020.pdf title Supply Chain Financing Arrangements—Reverse Factor 2 file name Disclosures-on-the-sources-and-uses-of-cash-Final.pdf title Disclosures on the sources and uses of cash question first answered 31/03/2021 13:57:56 answering member 4336 label Biography information for Lord Callanan
tabling member	4885 label Biography information for Lord Sikka

1232091

registered interest
date	07/09/2020
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 why the International Accounting Standard (1) requires companies to classify and present in their balance sheet property that they rent and do not own as if they owned those assets with the right to sell those assets, and (2) removes rental payments from the profit and loss account and replaces it with a charge for depreciation for assets they do not own and have no right to sell.
tabling member printed	Baroness Bowles of Berkhamsted
uin	HL7847
answer	answer is ministerial correction date of answer 16/09/2020 answer text <p>For many years both UK GAAP and International Accounting Standards have required entities to account for some leases by recognising both the asset utilised by the business and the liability to pay for it on the balance sheet. The asset represents the right to use that asset for the period of the lease, and this ensures the users of accounts can clearly identify the company’s control (exclusive right of use asset) of that property over that time period, intended to reflect where the risks and rewards lie. Recent changes to international accounting standards mean that since 2019 more leases are now recognised on balance sheet by lessees, providing a more complete picture of the financial position of an entity, and greater comparability between entities that borrow to buy assets and those that lease assets. As a result, the profit &amp; loss charge in relation to that leased property includes depreciation of the leased asset as well as an interest expense on the lease liability.</p> answering member printed Lord Callanan question first answered 16/09/2020 13:03:57 answering member 4336 label Biography information for Lord Callanan
tabling member	4562 label Biography information for Baroness Bowles of Berkhamsted