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date	2020-09-17
answering dept sort name	Business%2C Energy and Industrial Strategy
ddp modified	2020-09-17T20:35:38.236Z

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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

1235708

registered interest

date

17/09/2020

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

Accountancy: Standards

house id

legislature

25277

pref label	House of Lords

question text

To ask Her Majesty's Government, further to the Written Answer by Lord Callanan on 16 September (HL7849), whether (1) the Secretary of State, (2) the UK Endorsement Board, (3) the International Accounting Standards Board, or (4) the auditors and directors for not using the true and fair view override, would be responsible for defects in the UK-adopted international accounting standards.

tabling member printed

Baroness Bowles of Berkhamsted

uin

HL8233

answer

is ministerial correction

date of answer

01/10/2020

answer text

The act of bringing into UK law all existing EU-adopted international accounting standards at the end of the transition period has been approved by Parliament. Thereafter, my Rt. Hon. Friend the Secretary of State will be responsible for ensuring that any international accounting standards adopted in the UK after the end of the transition period meet the criteria set out in regulations 7 and 8 of the International Accounting Standards and European Public Limited-Liability Company (Amendment etc.) (EU Exit) Regulations 2019, using the powers granted to the Secretary of State under regulation 6 of those regulations. The UK Accounting Standards Endorsement Board will take on this responsibility once endorsement and adoption functions have been delegated to it under regulation 13 of the International Accounting Standards and European Public Limited-Liability Company (Amendment etc.) (EU Exit) Regulations 2019. However, the Secretary of State will retain the ability to revoke the delegation if it is deemed necessary. Auditors and directors will remain responsible for ensuring that an individual company’s accounts give a true and fair view of the company’s assets, liabilities, financial position and profit or loss.

answering member printed

Lord Callanan

question first answered

01/10/2020 11:36:09

answering member

4336

label	Biography information for Lord Callanan

tabling member

4562

label	Biography information for Baroness Bowles of Berkhamsted