Written question asked by Baroness Bowles of Berkhamsted (Liberal Democrat) on Thursday, 25 November 2021, in the House of Lords. It was due for an answer on Thursday, 9 December 2021. It was answered by Lord Callanan (Conservative) on Tuesday, 7 December 2021 on behalf of the Department for Business, Energy and Industrial Strategy.
Accountancy: Standards
- Question
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To ask Her Majesty's Government, further to the Written Answer by Lord Callanan on 22 November (HL3771), what is the (1) relevance of, and (2) the need for, the IRFS Foundation producing IFRS 17 "in order to make insurers’ financial statements more useful for users of financial statements”, when no such objective or endorsement criteria is contained in the International Accounting Standards and European Public Limited-Liability Company (Amendment etc.) (EU Exit) Regulations 2019.
- Answer
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The IFRS Foundation is an independent international body. The Foundation’s mission is to produce high quality international standards that bring transparency, comparability, and efficiency to financial markets. As an international body the Foundation is not bound by UK legislation when setting future work priorities.
In the UK, the UK Endorsement Board (UKEB) is responsible for adoption and endorsement of new or amended international accounting standards, issued by the International Accounting Standards Board (IASB) for use by UK companies.
The UKEB consults publicly with stakeholders that have an interest in financial reporting in the UK so that it can develop and represent evidence-based UK views with the aim of acting as the UK voice on IFRS financial reporting. The UKEB’s draft assessment of IFRS 17 is currently open for stakeholder consultation.
Secondary information
- Type
- Written question
- Reference
- HL4414
- Session
- 2021-22
- Related items
- Subjects
- Accountancy Standards
- Legislation
- International Accounting Standards and European Public Limited-Liability Company (Amendment etc.) (EU Exit) Regulations 2019
- Link
- View this Written question on www.parliament.uk
Librarians' tools
- Timestamp
- 2021-12-07 16:55:53 +0000
- URI
- http://data.parliament.uk/writtenparliamentaryquestion/lords/2021-22/HL4414
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