Question to the Department for Business, Energy and Industrial Strategy:

To ask Her Majesty's Government what plans they have to mandate that all company accounts must include (1) the amount of taxpayer loans received, (2) the amount received through the Coronavirus Job Retention Scheme, and (3) how many employees were made redundant, during the COVID-19 pandemic.

Annual company accounts are prepared and filed on the basis of material items and in line with accounting standards governed by the Companies Act 2006. As part of this, companies are required to make disclosure on all matters that will enable their shareholders to gain a proper understanding of the company’s assets, liabilities and shareholder equity. In order to help companies ensure accounts give a true and fair view, the law allows companies to provide additional information where this is material.

At the present time we have no plans to change the requirements in relation to the Covid-19 pandemic. The Government wishes to avoid placing additional burdens on management at a time when their focus should be on maintaining the well-being of their businesses and employees. Directors will be required to record items material to the company’s finances within their accounts. This would include any Covid-19 financial support measures that are material to the company’s finances.