Subject Predicate Object
sdbkMKsM
a
Resource
Answer
Written answer
answer has question
jR5KEI72
answer has answering person
Elizabeth Mary Truss
answer text
<p>Government controlled companies must comply with the applicable requirements in the Companies Act 2006 and follow the financial reporting principles of the HM Treasury Financial Reporting Manual (except for public corporations that are not trading funds). This includes the provision of the additional disclosures required by the Manual where these go beyond the Companies Act. The Manual applies EU adopted international financial reporting standards (IFRS) as adapted or interpreted for the public sector.</p><p> </p><p>Government controlled companies that have charitable status should comply with the applicable charities legislation and where relevant, the Statement of Recommended Practice (SORP) Accounting for Charities, issued by the Charity Commission.</p><p> </p><p>Sections within the Companies Act 2006 define the qualifying criteria for small companies’ regime. The disclosure exemptions permitted under the small companies’ regime do not generally apply to government owned companies unless specific approval has been sought by the relevant authority.</p><p> </p><p>Departments, in the first instance, will exercise oversight of such companies, through the monitoring of these companies and consolidation within their annual report and accounts or recognition as investments.</p><p> </p>
answer given date
answer has answering body
HM Treasury
written answer has answering body
HM Treasury
HM Treasury
answering body has written answer
sdbkMKsM
answering body has answer
sdbkMKsM
jR5KEI72
question has answer
sdbkMKsM
Elizabeth Mary Truss
answering person has answer
sdbkMKsM