§ Mr. Austin MitchellTo ask the Secretary of State for Trade and Industry (1) whether he has asked the accountancy profession to develop any standard on price level accountancy;
(2) whether he has any plans to introduce a system of current value accounting for company accounts.
§ Mr. RedwoodThe Government support the new accounting standards arrangements recommended by the Dearing committee in 1988, including the creation of a Financial Reporting Council and an Accounting Standards Board. In determining the work programme of the board, the council will no doubt take note of the existing commitment of the Accounting Standards Committee to explore effective means of developing a standard on accounting for the effects of changing prices.