HL Deb 13 November 1989 vol 512 c1132

330 Page 163, line 14, leave out from first 'the' to 'and' and insert 'name of the undertaking acquired or, where a group was acquired, the name of the parent undertaking of that group'.

331 Page 163, line 21, leave out sub-paragraph (4) and insert — '(4) The profit or loss of the undertaking or group acquired shall be stated —

  1. (a) for the period from the beginning of the financial year of the undertaking or, as the case may be, of the parent undertaking of the group, up to the date of the acquisition, and
  2. (b) for the previous financial year of that undertaking or parent undertaking;
and there shall also be stated the date on which the financial year referred to in paragraph (a) began.'.

332 Page 163, line 25, after 'undertaking', insert 'or group'.

333 Page 163, line 31, after 'undertaking', insert 'or group'.

334 Page 163, line 33, at end insert — '(7) In ascertaining for the purposes of sub-paragraph (4), (5) or (6) the profit or loss of a group, the book values of assets and liabilities of a group or the amount of the assets and liabilities of a group, the set-offs and other adjustments required by this Schedule in the case of group accounts shall be made.'.

335 Page 163, line 39, leave out paragraph 14 and insert — '14. Where during the financial year there has been a disposal of an undertaking or group which significantly affects the figures shown in the group accounts, there shall be stated in a note to the accounts —

  1. (a) the name of that undertaking or, as the case may be, of the parent undertaking of that group, and
  2. (b) the extent to which the profit or loss shown in the group accounts is attributable to profit or loss of that undertaking or group.'.

Lord Trefgarne

My Lords, I beg to move that the House do agree with the Commons in their Amendments Nos. 330 to 335. They improve the new disclosure requirements in paragraphs 12 to 14 of Schedule 2. We have introduced them in order to help the reader of accounts unravel the confusing treatment of presentation of mergers and acquisitions sometimes found in company accounts. Better statutory disclosure in this area commanded widespread support in the consultation exercise carried out last year by the Department of Trade and Industry.

Moved, That the House do agree with the Commons in the said amendments. —(Lord Trefgarne.)

On Question, Motion agreed to.