§ Mr. Austin MitchellTo ask the Secretary of State for Trade and Industry (1) how, and in consultation with what bodies, he formulates the accounting policy for the corporate sector; 53W (2) if he will list the non-Government bodies, committees or institutes which are permitted to make the accounting policy for the corporate sector in the United Kingdom.
§ Mr. RedwoodCompany accounts are regulated in Great Britain by provisions in the Companies Act 1985 (to be amended by the Companies Act 1989), which reflect both European Community obligations and certain domestic considerations. Significant proposed changes to this legislative framework are usually the subject of wide consultation. In addition, accounting standards are promulgated by the members of the consultative committee of accountancy bodies, on the basis of proposals developed by its accounting standards committee. The professional accountancy bodies also issue technical guidance to their members.