§ Mr. CousinsTo ask the Chancellor of the Exchequer what representations he has made to the Accounting Standards Board on the proper presentation of risks and liabilities of Private Finance Initiative schemes. [44719]
§ Mr. GibbTo ask the Chancellor of the Exchequer if he will make a statement on his discussions with the Accounting Standards Board regarding exposure draft FRS 5 on Accounting for the Substance of Transactions. [46375]
§ Mr. Geoffrey Robinson[holding answers 10 and 18 June 1998]: In December 1997 the Accounting Standards Board (ASB) issued for comment an Exposure Draft on the accounting treatment of Private Finance Initiative transactions. HM Treasury submitted its formal response to the ASB on 3 March 1998 and we are continuing to have discussions with ASB representatives on this subject.
§ Mr. GibbTo ask the Chancellor of the Exchequer if the Treasury will be bound by the terms of the exposure draft FRS 5. [46857]
§ Mr. Geoffrey Robinson[holding answer 22 June 1998]: The proposed Application Note to FRS5 on the accounting treatment of Private Finance Initiative transactions is still in draft form and we are continuing to 245W have discussions with representatives of the Accounting Standards Board (ASB). The Treasury will consider the Application Note when it is published in final form.