Question to the Department for Business, Innovation, Science and Trade:

To ask His Majesty's Government what assessment they have made of the implications for investor confidence of the United Kingdom being one of the few major jurisdictions that does not retain a prudence based national generally accepted accounting practice alongside international financial reporting standards.

Answered by Baroness Lloyd of Effra - Parliamentary Under-Secretary of State (Department for Digital, Culture, Media and Sport)

The Government and regulators continue to seek to maintain the confidence of investors and other stakeholders in UK Generally Accepted Accounting Practice standards and UK-adopted International Accounting Standards. The Government recognises the importance of comparability, consistency and reliability in UK accounting standards. Prudence is a key element in understanding what is reliable information.

On 7 September 2026, the ‘Modernising Corporate Reporting to support long term Economic Growth’ consultation was published. The Government welcomes responses on this and other issues with regard to the consultation’s financial reporting proposals, which focus on reports and accounts providing decision-useful information for investors and creditors.

Found: Apologies and notices Apologies were received from Baroness Bowles of Berkhamsted. 2.

Found: Minutes of the 9th Meeting, held at 10:00am on Wednesday, 2 September 2026 Present: Baroness Bowles of Berkhamsted

Found: September 2026 11.25 am Watch the meeting Members present: Baroness Noakes (The Chair); Baroness Bowles of Berkhamsted

Found: September 2026 10.10 am Watch the meeting Members present: Baroness Noakes (The Chair); Baroness Bowles of Berkhamsted

Submit Evidence (by 23 Oct 2026)

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