Accountancy: Standards

(asked on 29th July 2020) - View Source

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.


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 August 2020

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.

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