Question to the Department for Business and Trade:

To ask His Majesty's Government, further to the Written Answer by the Earl of Minto on 25 May (HL7684), what work the UK Endorsement Board has undertaken to consider the effect of the Economic Crime and Corporate Transparency Bill on its work to assess international accounting standards; and what steps they have taken to ensure compliance with the public interest test provided under regulation 7(1) of the International Accounting Standards and European Public Limited-Liability Company (Amendment etc.) (EU Exit) Regulations 2019.

The Economic Crime and Corporate Transparency Bill has no effect on the content of companies’ accounts or the accounting standards they use for that purpose.

The UK Endorsement Board endorses and adopts individual international accounting standards for use in the UK. It carries out that work in accordance with criteria set out in the International Accounting Standards and European Public Limited-Liability Company (Amendment etc.) (EU Exit) Regulations 2019.

Whether a standard is likely to be conducive to the long-term public good is assessed at individual standard level with reference to the matters set out in regulation 7(2) of that Statutory Instrument.