§ Mr. Cronin
asked the Secretary of State for Trade what progress has been made on obtaining the general acceptance of current cost accounting as a basis for company reports.
§ Mr. Clinton Davis
The Stock Exchange has endorsed the interim recommendation on inflation accounting by the Accounting Standards Committee, and many large companies have recently included a statement in their annual accounts showing adjustments as recommended in these ASC guidelines. This is only a first step; work is also continuing under the aegis of ASC on the preparation of a current cost accounting standard.