Company Accounts

(asked on 19th November 2021) - View Source

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

To ask Her Majesty's Government, further to the Written Answer by Lord Henley on 30 January 2019 (HL12948), when the accounting framework for the purposes of sections 92, 498 (1) and (2), 519, 714(4), 836, and 837 of the Companies Act 2006 will be considered by the UK Endorsement Board to ensure that the detailed rules of IFRS 17 do not run contrary to those sections.


Answered by
Lord Callanan Portrait
Lord Callanan
Parliamentary Under Secretary of State (Department for Energy Security and Net Zero)
This question was answered on 6th December 2021

The UK Endorsement Board (UKEB) has been delegated powers to consider International Financial Reporting Standards (IFRS) for endorsement and adoption in the UK. This is to ensure that the financial information presented by the companies required by section 403(1) of the Companies Act 2006 to prepare their group accounts in accordance with UK-adopted international accounting standards.

The UKEB’s draft Endorsement Criteria Assessment against the adoption criteria for IFRS 17 Insurance Contracts was published for public consultation on 11 November 2021. The consultation will be open until 3 February 2022.

Reticulating Splines