Written question asked by Baroness Bowles of Berkhamsted (Liberal Democrat) on Tuesday, 11 March 2025, in the House of Lords. It was due for an answer on Tuesday, 25 March 2025. It was answered by Baroness Jones of Whitchurch (Labour) on Tuesday, 25 March 2025 on behalf of the Department for Business and Trade.

Accountancy

Question: To ask His Majesty's Government, further to the Written Answers by Baroness Jones of Whitchurchon 10 March (HL5234 and HL5235), whether they have taken account of the fact that the House of Commons Business, Energy, and Industrial Strategy Committee's report The Future of Audit, published on 26 March 2019, concluded that international accounting standards were defective compared to the requirements of company law.

Answer: The Government announced in the King's Speech its intention to publish a draft Audit Reform and Corporate Governance Bill that will transition the FRC to a new Audit, Reporting and Governance Authority and provide it with relevant powers. The Government will consider the recommendations of the report, including relating to the Government and FRC producing definitions and guidance on what constitutes distributable profits, as work progresses.

Secondary information

Type: Written question
Reference: HL5643
Session: 2024-26
Related items: Company Accounts
Monday, 10 March 2025
Written questions
House of Lords; Accountancy
Monday, 10 March 2025
Written questions
House of Lords
Subjects: Audit Accountancy Company law Company accounts Business, Energy and Industrial Strategy Committee
Link: View this Written question on www.parliament.uk