§ Mr. Malinsasked the Secretary of State for Transport whether the British Railways Board intends to bring its accounting year into line with that of the Government.
§ Mr. RidleySince its creation in 1962, the British Railways Board has produced calendar year accounts. Parliament and the Government, however, work to a fiscal year. This has in the past caused problems for both the board and the Government, particularly in connection with the setting and monitoring of the board's external financing limits and the grant for the public service obligation. I have therefore agreed with the board that it should change to a fiscal year accounting system, with effect from next year. This will involve the board in producing a transitional set of accounts covering the 15-month period from 1 January 1984 to 31 March 1985. Thereafter the board will produce an annual report and accounts each year to the end of March. All these reports will be laid before Parliament in the normal way. I have asked the board, barring unforeseen circumstances, to publish its accounts each year in time for hon. Members to study them before the summer recess.