§ Mr. Timothy Smith
asked the Minister for Trade (1) what progress is being made in the implementation of current cost accounting; and whether he will make a statement;
(2) whether the statement of standard accounting practice on current cost accounting (SSAP 16) continues to have the full support of Her Majesty's Government.
§ Dr. Vaughan
The Government welcomed SSAP 16 and the progress that it represented towards more realistic financial reporting. Whilst its application is primarily a matter for companies and their auditors, I understand that some 85 per cent. of the companies to which it applies—large and listed companies—have included480W current cost statements in their accounts. Such statements have also been included in the accounts of all nationalised industries, as well as of a number of other public sector bodies.