Current Cost Accounting

HC Deb 27 July 1982 vol 28 cc479-80W

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 included 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.