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 24 September (HL8051), what progress they have made on forming an agreement with the International Financial Reporting Standards Foundation; and when preparations for any such agreement began.

The Government has reached an agreement with the IFRS Foundation to publish a consolidated text of UK-adopted international accounting standards and the agreement will be signed shortly.

The Government began preparations for an agreement in January 2019.