§ Mr. Tim Smith
asked the Secretary of State for Trade, further to his reply to 567W the hon. Member for Ashfield on Thursday 4th May, what is the present policy on the production of accounting standards.
§ Mr. Clinton Davis
Accounting standards are drafted by the Accounting Standards Committee taking account of the relevant legislative requirements. Responsibility for promulgation and enforcement lies with the councils of the six accountancy bodies which make up the ASC. In undertaking this work the profession has the Government's support.