HC Deb 11 May 1990 vol 172 cc257-9W
Mr. Cousins

To ask the Secretary of State for Trade and Industry (1) what steps he has taken to assure himself that written representations to the Accounting Standards Board are placed on public record;

(2) what steps he has taken to assure himself that voting on accounting standards will be recorded by the Accounting Standards Board;

(3) what steps he has taken to assure himself that internal working papers and proposals in draft of the Accounting Standards Board are available to all on an equal basis;

(4) what steps he has taken to assure himself that access to internal working papers and proposals in draft of the Accounting Standards Board are restricted to major accountancy firms;

(5) what steps he has taken to assure himself that meetings of the Accounting Standards Board are open to outside observers;

(6) what steps he has taken to assure himself that the membership of working parties set up by the Accounting Standards Board will be published.

Mr. Redwood

None. These are matters which the Financial Reporting Council and the proposed Accounting Standards Board will no doubt consider.

Mr. Cousins

To ask the Secretary of State for Trade and Industry what steps he proposes to take to inform himself and the House if and when members of accountancy firms criticised in reports by his Department's inspectors are appointed to membership of working parties set up by the Accounting Standards Board.

Mr. Redwood

None.

Mr. Cousins

To ask the Secretary of State for Trade and Industry whether he proposes to make it his policy that members of the Accounting Standards Board sever links with accountancy firms during their term of office.

Mr. Redwood

[holding answer 8 May 1990]: The terms of appointment of members of the proposed Accounting Standards Board will be a matter for the Financial Reporting Council. It is envisaged that most of the members of the Board will serve on a part-time basis and it would therefore be both unreasonable and impracticable to require members of the board to sever links with the organisations from which they are drawn.

Mr. Cousins

To ask the Secretary of State for Trade and Industry whether he will place a copy of any guidelines that govern potential conflicts of interest between members of the Accounting Standards Board and other firms, partnerships or businesses in the Library.

Mr. Redwood

[holding answer 8 May 1990]: Detailed procedures for dealing with matters of this kind have yet to be determined, but I am sure that the Finance Reporting Council and the proposed Accounting Standards Board will be conscious of the desirability of the greatest possible openness in such matters.

Mr. Cousins

To ask the Secretary of State for Trade and Industry whether any non-accountants will be represented on the Accounting Standards Board.

Mr. Redwood

[holding answer 8 May 1990]: I understand that the composition of the proposed Accounting Standards Board has yet to be decided.

Mr. Cousins

To ask the Secretary of State for Trade and Industry (1) what steps he is taking to ensure that the Accounting Standards Board attends to the users and readers of both the conventional and the short corporate reports created under the Companies Act 1989;

(2) how he proposes to ensure a reflection of the views and interests of the consumer and personal shareholder in the workings of the Accounting Standards Board;

(3) if he will list the members of the Accounting Standards Board.

Mr. Redwood

[holding answer 8 May 1990]: The ASB does not yet exist but I am sure that the Financial Reporting Council and the chairman designate of the board will have taken note of the hon. Member's question and will consider the issue he addresses.

Mr. Cousins

To ask the Secretary of State for Trade and Industry whether the deliberations of the Accounting Standards Board will be in public; and what guidance he has offered on this point.

Mr. Redwood

[holding answer 8 May 1990]: The procedural arrangements of the proposed Accounting Standards Board will be a matter for the board to decide. I am sure that the board will be fully conscious of the need to maximise public understanding of and involvement in its work.