Question to the Department for Business, Energy and Industrial Strategy:
To ask Her Majesty's Government what assessment they have made, if any, of the probity of the International Financial Reporting Standards Foundation following the case of ZAO Askeri-ACCA v International Accounting Standards Committee Foundations ([2004] EWHC 2939 (Ch)); and what plans they have to conclude such an assessment before committing any taxpayer funds to the International Financial Reporting Standards Foundation.
The Government is discussing a license agreement for International Financial Reporting Standards (IFRS) with the IFRS Foundation. We are content that we will be able to conclude a legally satisfactory agreement. This is in line with the Government’s commitment to maintain use of IFRS after the end of the Transition Period.
The case of ZAO Askeri-ACCA v International Accounting Standards Committee Foundations ([2004] EWHC 2939 (Ch)) was heard 16 years ago regarding a contract with the IFRS Foundation’s predecessor organisation. The Government does not believe this case to be relevant to any discussions between the Government and the IFRS Foundation.