Question to the Department for Business and Trade:

To ask His Majesty's Government whether they have assessed, or will assess, the risk to UK public interest of the setting of international accounting standards being influenced by (1) rogue states, in particular where financial crime and human rights abuses occur, (2) accounting firms with global networks which co-operate with rogue states, (3) accounting firms with global networks which engage in corrupt practices overseas, (4) accounting firms which engage in corrupt practices in the UK, and (5) accounting firms' former employees who have been prosecuted for tax evasion.

The UK Government is confident that appropriate safeguards are in place to prevent undue influence on international accounting standards development from rogue states or actors engaging in corrupt practices. The International Financial Reporting Standards Foundation maintains rigorous due process in standard-setting, including public consultation on standards, public non-technical Board meetings, and a due diligence oversight committee to monitor adherence to its Due Process Handbook. UK endorsement of international standards through the UK Endorsement Board is also subject to rigorous safeguards, including in-depth background checks before Board members are appointed and an annual report on its technical work for the Secretary of State.