Oral Answers to Questions Debate
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Antoinette Sandbach
Main Page: Antoinette Sandbach (Liberal Democrat - Eddisbury)Department Debates - View all Antoinette Sandbach's debates with the Department for Business, Energy and Industrial Strategy
(6 years, 2 months ago)
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Mr Speaker
Sir Robert Syms—where is the fellow? I call Antoinette Sandbach.
Antoinette Sandbach (Eddisbury) (Con)
The local authority pension fund forum has called for a review of accounting standards, having received opinion that there are substantial legal flaws in international reporting standards. The opinion states that the standards do not enable anyone to make a meaningful assessment of a going concern, which is a highly relevant issue for Carillion. Will the Secretary of State support such a review?
Greg Clark
The day that Carillion went into insolvency I wrote to the Financial Reporting Council, and I spoke to its chairman, to ask it to investigate the auditors and those who are regulated as accountants. The FRC has agreed to do that, and it announced yesterday that the investigation is under way. I would expect it to learn the lessons for any changes to the regulations that it applies.