The Department for Trade and Industry consulted on the adoption of \u201cInternational Accounting Standards\u201d 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>
The consultation stated that:<\/p>
<\/p>
\u201cThere 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.\u201d<\/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>
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\u2019s 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>
\u201cParent 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.\u201d<\/p>"} , "answeringMember" : {"_about" : "http://data.parliament.uk/members/2616", "label" : {"_value" : "Biography information for Lord Henley"} } , "answeringMemberPrinted" : {"_value" : "Lord Henley"} , "dateOfAnswer" : {"_value" : "2018-03-05", "_datatype" : "dateTime"} , "isMinisterialCorrection" : {"_value" : "false", "_datatype" : "boolean"} , "questionFirstAnswered" : [{"_value" : "2018-03-05T15:29:38.897Z", "_datatype" : "dateTime"} ]} , "answeringDeptId" : {"_value" : "201"} , "answeringDeptShortName" : {"_value" : "Business, Energy and Industrial Strategy"} , "answeringDeptSortName" : {"_value" : "Business, Energy and Industrial Strategy"} , "date" : {"_value" : "2018-02-23", "_datatype" : "dateTime"} , "hansardHeading" : {"_value" : "Company Accounts"} , "houseId" : {"_value" : "2"} , "legislature" : [{"_about" : "http://data.parliament.uk/terms/25277", "prefLabel" : {"_value" : "House of Lords"} } ], "questionText" : "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.", "registeredInterest" : {"_value" : "false", "_datatype" : "boolean"} , "tablingMember" : {"_about" : "http://data.parliament.uk/members/4562", "label" : {"_value" : "Biography information for Baroness Bowles of Berkhamsted"} } , "tablingMemberPrinted" : [{"_value" : "Baroness Bowles of Berkhamsted"} ], "uin" : "HL5822"} , {"_about" : "http://data.parliament.uk/resources/708691", "AnsweringBody" : [{"_value" : "The Senior Deputy Speaker"} ], "answer" : {"_about" : "http://data.parliament.uk/resources/708691/answer", "answerText" : {"_value" : "
The House has engaged Electoral Reform Services (ERS) to assist with each hereditary peers\u2019 by-election since they were first held in 2003. When the need for a by-election arises ERS are engaged to administer and supervise the by-election and to provide assurance that it conforms to good electoral practice. This arrangement has applied each time a by-election is held. A fee is paid for ERS\u2019 services for each by-election; there is no standing contract under which fees are paid to ERS.<\/p>
<\/p>
The table below shows the amounts paid to Electoral Reform Services in respect of hereditary peers\u2019 by-elections in each calendar year since 2012.<\/p>
<\/p>
Year<\/strong><\/p><\/td> Amount paid to Electoral Reform Services<\/strong><\/p><\/td><\/tr> 2012<\/p><\/td> Nil<\/p><\/td><\/tr> 2013<\/p><\/td> £3,550<\/p><\/td><\/tr> 2014<\/p><\/td> £3,245<\/p><\/td><\/tr> 2015<\/p><\/td> £5,700<\/p><\/td><\/tr> 2016<\/p><\/td> £1,200<\/p><\/td><\/tr> 2017 (to date)<\/p><\/td> Nil<\/p><\/td><\/tr><\/tbody><\/table> <\/p> Amounts are exclusive of VAT.<\/p> <\/p> The House authorities are currently reviewing the procurement arrangements under which services for hereditary peers\u2019 by-elections are provided.<\/p>"}
, "answeringMember" : {"_about" : "http://data.parliament.uk/members/4148", "label" : {"_value" : "Biography information for Lord McFall of Alcluith"}
}
, "answeringMemberPrinted" : {"_value" : "Lord McFall of Alcluith"}
, "dateOfAnswer" : {"_value" : "2017-03-13", "_datatype" : "dateTime"}
, "groupedQuestionUIN" : [{"_value" : "HL5820"}
, {"_value" : "HL5821"}
], "isMinisterialCorrection" : {"_value" : "false", "_datatype" : "boolean"}
, "questionFirstAnswered" : [{"_value" : "2017-03-13T14:50:31.383Z", "_datatype" : "dateTime"}
]}
, "answeringDeptId" : {"_value" : "204"}
, "answeringDeptShortName" : {"_value" : ""}
, "answeringDeptSortName" : {"_value" : "Senior Deputy Speaker (HoL)"}
, "date" : {"_value" : "2017-03-06", "_datatype" : "dateTime"}
, "hansardHeading" : {"_value" : "Hereditary Peers: By-elections"}
, "houseId" : {"_value" : "2"}
, "legislature" : [{"_about" : "http://data.parliament.uk/terms/25277", "prefLabel" : {"_value" : "House of Lords"}
}
], "questionText" : "To ask the Senior Deputy Speaker whether he will ensure that an open competition will be held for the contract to administer future hereditary peers\u2019 by-elections.", "registeredInterest" : {"_value" : "false", "_datatype" : "boolean"}
, "tablingMember" : {"_about" : "http://data.parliament.uk/members/2472", "label" : {"_value" : "Biography information for Lord Faulkner of Worcester"}
}
, "tablingMemberPrinted" : [{"_value" : "Lord Faulkner of Worcester"}
], "uin" : "HL5822"}
, {"_about" : "http://data.parliament.uk/resources/450460", "AnsweringBody" : [{"_value" : "Department for Education"}
], "answer" : {"_about" : "http://data.parliament.uk/resources/450460/answer", "answerText" : {"_value" : " The National College for Teaching and Leadership publishes the Initial Teacher Training (ITT) criteria. These set out entry, training, management and quality assurance criteria with which all accredited providers of ITT must comply with.<\/p> <\/p> The Teachers\u2019 Standards were published in 2011 and apply to all teachers regardless of their career stage. They define the minimum level of practice expected of teachers. For the purpose of the award of qualified teacher status (QTS), they constitute the \u2018specified standards\u2019 within the meaning given to the phrase in Schedule 2 of The Education (School Teachers\u2019 Qualifications) (England) Regulations. As such, they are used by accredited providers of ITT to assess trainee progress and attainment during, and the end of, a training programme.<\/p> <\/p> The ITT criteria and Teachers\u2019 Standards have been attached to this answer.<\/p>"}
, "answeringMember" : {"_about" : "http://data.parliament.uk/members/4270", "label" : {"_value" : "Biography information for Lord Nash"}
}
, "answeringMemberPrinted" : {"_value" : "Lord Nash"}
, "dateOfAnswer" : {"_value" : "2016-02-18", "_datatype" : "dateTime"}
, "isMinisterialCorrection" : {"_value" : "false", "_datatype" : "boolean"}
, "questionFirstAnswered" : [{"_value" : "2016-02-18T17:05:47.613Z", "_datatype" : "dateTime"}
]}
, "answeringDeptId" : {"_value" : "60"}
, "answeringDeptShortName" : {"_value" : "Education"}
, "answeringDeptSortName" : {"_value" : "Education"}
, "date" : {"_value" : "2016-02-03", "_datatype" : "dateTime"}
, "hansardHeading" : {"_value" : "Teachers: Qualifications"}
, "houseId" : {"_value" : "2"}
, "legislature" : [{"_about" : "http://data.parliament.uk/terms/25277", "prefLabel" : {"_value" : "House of Lords"}
}
], "questionText" : "To ask Her Majesty\u2019s Government which body or bodies establishes the final criteria for qualified teacher status; what are those criteria; and where they are made available.", "registeredInterest" : {"_value" : "false", "_datatype" : "boolean"}
, "tablingMember" : {"_about" : "http://data.parliament.uk/members/3453", "label" : {"_value" : "Biography information for Lord Addington"}
}
, "tablingMemberPrinted" : [{"_value" : "Lord Addington"}
], "uin" : "HL5822"}
, {"_about" : "http://data.parliament.uk/resources/228352", "AnsweringBody" : [{"_value" : "Department for Education"}
], "answer" : {"_about" : "http://data.parliament.uk/resources/228352/answer", "answerText" : {"_value" : " Single academies and multi-academy chains retain any surplus they make within the legal entity of the academy trust. Under charity law academy trustees must act in the best interests of the trust and ensure all funds are properly managed and applied to the trust\u2019s charitable objects.<\/p> <\/p> <\/p> <\/p> Academy trusts must use all of their assets, including their cash reserves, in accordance with their charitable objects as set out in their articles of association. This includes the advancement of education and provision of recreation facilities.<\/p> <\/p> <\/p> <\/p> Cash reserves are disclosed in academy trusts\u2019 annual accounts which EFA requires trusts to publish on their websites. These accounts are also published by the Department on its school performance tables webpage and are filed at Companies House.<\/p> <\/p>"}
, "answeringMember" : {"_about" : "http://data.parliament.uk/members/4270", "label" : {"_value" : "Biography information for Lord Nash"}
}
, "answeringMemberPrinted" : {"_value" : "Lord Nash"}
, "dateOfAnswer" : {"_value" : "2015-03-24", "_datatype" : "dateTime"}
, "groupedQuestionUIN" : [{"_value" : "HL5823"}
, {"_value" : "HL5824"}
], "isMinisterialCorrection" : {"_value" : "false", "_datatype" : "boolean"}
, "questionFirstAnswered" : [{"_value" : "2015-03-24T13:48:07.053Z", "_datatype" : "dateTime"}
]}
, "answeringDeptId" : {"_value" : "60"}
, "answeringDeptShortName" : {"_value" : "Education"}
, "answeringDeptSortName" : {"_value" : "Education"}
, "date" : {"_value" : "2015-03-18", "_datatype" : "dateTime"}
, "hansardHeading" : {"_value" : "Academies"}
, "houseId" : {"_value" : "2"}
, "legislature" : [{"_about" : "http://data.parliament.uk/terms/25277", "prefLabel" : {"_value" : "House of Lords"}
}
], "questionText" : "To ask Her Majesty\u2019s Government who owns any profits accrued from academy schools and chains investing their cash reserves.", "registeredInterest" : {"_value" : "false", "_datatype" : "boolean"}
, "tablingMember" : {"_about" : "http://data.parliament.uk/members/3792", "label" : {"_value" : "Biography information for Baroness Jones of Whitchurch"}
}
, "tablingMemberPrinted" : [{"_value" : "Baroness Jones of Whitchurch"}
], "uin" : "HL5822"}
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}
|