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

To ask Her Majesty's Government, further to the Written Answer by Lord Callanan on 22 November (HL3771), what assessment they have made of the reasons why the IFRS Foundation has taken 17 years to develop and publish IFRS 17.

The International Accounting Standards Board (IASB) is an independent international body, which sets its own agenda and timetable.

Insurance companies across the world use a wide variety of accounting practices when reporting the financial position and performance of their businesses. Achieving a standardised approach to reporting financial position and performance for a global industry with such diverse accounting practices takes considerable time and resources.