§ Mr. Austin MitchellTo ask the President of the Board of Trade if he will set out the provisions of the Companies Acts which relate to definitions of asset, liability and profit.
§ Mr. Neil HamiltonThere are no provisions in the Companies Acts which define an asset, liability or profit, although there are clarifications of the scope when the term "liabilities" is used and of realised profits. However, the statement of principles being developed by the Accounting Standards Board is expected to contain definitions of assets and liabilities and of gains and losses.