1-20 of 35 results for house:"House of Lords"
Librarians' tools
- Search time
- 0.396 seconds
- Solr query time
- 0.004 seconds
- Search query
- house:"House of Lords"
- We searched for
- legislature_ses:25277
Type
House
Session
Year
Department
Member
Primary member
Answering member
More
Legislative stage
Legislation
Subject
More
Publisher
To ask Her Majesty's Government, further to the Written Answers by Lord Callanan on 20 May (HL31) and 21 June (HL864), whether (1) quangos acting under a legislative framework, and (2) government departments overseeing the activities of quangos acting under a legislative framework, take into account the leading case law...
To ask Her Majesty's Government, further to the Written Answers by Lord Callanan on 20 May (HL31) and 21 June (HL864), whether (1) quangos acting under a legislative framework, and (2) government departments overseeing the activities of quangos acting under a legislative framework, take into account the leading case law...
Regulators and other public bodies will consider case law to the extent that it is directly applicable to their legal functions.
To ask Her Majesty's Government, further to the Written Answer by Lord Callanan on 20 December 2021 (HL4706), which said that the Companies Act 2006 “does not establish a requirement for the company to disclose its undistributable reserves”, what consideration they have given to amending that answer in light of the...
To ask Her Majesty's Government, further to the Written Answer by Lord Callanan on 20 December 2021 (HL4706), which said that the Companies Act 2006 “does not establish a requirement for the company to disclose its undistributable reserves”, what consideration they have given to amending that answer in light of the...
No consideration has been given to amending the response to HL4706. The Companies Act 2006 does not establish a requirement for the company to disclose its undistributable reserves. The publication referenced provides guidance for auditors when making reports required, in certain circumstances, by The Companies Act 2006. Proposals to require certain companies to disclose their distributable reserves were included in the Government’s response to Restoring trust in audit and corporate governance.
To ask Her Majesty's Government, further to the Written Answer by Lord Henley on 11 April 2018 (HL6619), why (1) they, and (2) the Financial Reporting Council, consider that the powers of section 464 do not include distributable profits GAAP for the audited annual accounts as relevant accounts, given that section...
To ask Her Majesty's Government, further to the Written Answer by Lord Henley on 11 April 2018 (HL6619), why (1) they, and (2) the Financial Reporting Council, consider that the powers of section 464 do not include distributable profits GAAP for the audited annual accounts as relevant accounts, given that section...
The accounting standards in Section 464 of the Companies Act 2006 are relevant to the preparation of individual or group accounts in accordance with Part 15 of the Act. The Act does not establish a requirement for companies to disclose their distributable profits. Individual accounts are the starting point for calculating distributable profits under Part 23 of the Act. Proposals to give ARGA responsibility for issuing guidance on what should be treated as “realised” profits and losses for the purposes of section 853 of the Act were included in the Government’s response to Restoring trust in audit and corporate governance.
To ask Her Majesty's Government, further to the Written Answer by Lord Callanan on 21 June (HL865), which stated “the UK Endorsement Board has interpreted its statutory functions in accordance with the Companies Act and the provision in Section 11 of the Interpretation Act 1978”, whether they will issue a correction...
To ask Her Majesty's Government, further to the Written Answer by Lord Callanan on 21 June (HL865), which stated “the UK Endorsement Board has interpreted its statutory functions in accordance with the Companies Act and the provision in Section 11 of the Interpretation Act 1978”, whether they will issue a correction...
The Government does not intend to amend its response to HL31 and does not believe that the two statements quoted in the question are in contradiction with one another. The UK Endorsement Board (UKEB) is required to assess international accounting standards (IAS) against the criteria in Regulation 7(1). This also requires the UKEB to have regard to the matters set out in Regulation 7(2). The interpretation of these functions is considered by the UKEB within the context of the Companies Act. However, the UKEB is not required to assess IAS against individual sections of the Companies Act.
To ask Her Majesty's Government, further to the Written Answer by Lord Callanan on 21 June (HL865), whether the answer “the UK Endorsement Board has interpreted its statutory functions in accordance with the Companies Act” means that the UK Endorsement Board has determined the suitability of accounting standards for the...
To ask Her Majesty's Government, further to the Written Answer by Lord Callanan on 21 June (HL865), whether the answer “the UK Endorsement Board has interpreted its statutory functions in accordance with the Companies Act” means that the UK Endorsement Board has determined the suitability of accounting standards for the...
The UK Endorsement Board (UKEB) is required to assess international accounting standards (IAS) in accordance with Regulation 7(1) and with regard to the matters in Regulation 7(2). The interpretation of these functions is considered by the UKEB within the context of the Companies Act. However, the UKEB is not required to assess IAS against individual sections of the Companies Act nor publish any evidence in that regard. With regards to the quoted sections of the Companies Act regarding the calculation of distributable profits, I refer the noble Baroness to my response to HL31 on 20 May 2022.
To ask Her Majesty's Government, further to the Written Answer by Lord Callanan on 15 June (HL760), whether they will change the answer given to the original question, answered on 27 May (HL404), now that this later answer clarifies that the attachment of the January 2007 impact assessment to the answer...
To ask Her Majesty's Government, further to the Written Answer by Lord Callanan on 15 June (HL760), whether they will change the answer given to the original question, answered on 27 May (HL404), now that this later answer clarifies that the attachment of the January 2007 impact assessment to the answer...
I refer the noble Baroness to the Government’s response to HL760, which supplements the Government’s response to HL404.
To ask Her Majesty's Government, further to the Written Answer by Lord Callanan on 1 June (HL473), what assessment they made of the duties of auditors set out the decision in Caparo Vs Dickman when providing that answer; and in particular, the part of the judgment which states "It is the...
To ask Her Majesty's Government, further to the Written Answer by Lord Callanan on 1 June (HL473), what assessment they made of the duties of auditors set out the decision in Caparo Vs Dickman when providing that answer; and in particular, the part of the judgment which states "It is the...
The Government did not make an assessment in providing the Written Answer on 1 June 2022 to Question HL473. The interpretation of court judgements is not a matter for the Government, but for relevant regulators and the courts.
To ask Her Majesty's Government, further to the Written Answers by Lord Callanan on 20 May (HL27) and 27 May (HL402), why the UK Endorsement Board has not interpreted its duties in SI 2019/685 by reference to the Companies Act 2006, given that section 11 of the Interpretation Act 1978 requires...
To ask Her Majesty's Government, further to the Written Answers by Lord Callanan on 20 May (HL27) and 27 May (HL402), why the UK Endorsement Board has not interpreted its duties in SI 2019/685 by reference to the Companies Act 2006, given that section 11 of the Interpretation Act 1978 requires...
SI 2019/685 was made under powers conferred by the European Union (Withdrawal) Act 2018 and not the Companies Act 2006. Nevertheless, the Government is satisfied that the UK Endorsement Board has interpreted its statutory functions in accordance with the Companies Act and the provision in Section 11 of the Interpretation Act 1978 that is quoted in the question.
To ask Her Majesty's Government, further to the Written Answer by Lord Callanan on 23 May (HL404), whether they will now answer the question put, namely, whether the result of companies having to do adjustments has been subject to an impact assessment in terms of (1) burdens on business, and (2)...
To ask Her Majesty's Government, further to the Written Answer by Lord Callanan on 23 May (HL404), whether they will now answer the question put, namely, whether the result of companies having to do adjustments has been subject to an impact assessment in terms of (1) burdens on business, and (2)...
The matter in the question was not considered in the January 2007 impact assessment on the Companies Act 2006.
To ask Her Majesty's Government, further to the Written Answer by Lord Callanan on 23 May (HL404), what assessment they have made of whether directors and auditors should be making “adjustments” at the time the accounts are signed, because the lack of such adjustments could hamper the determination of solvency/going concern...
To ask Her Majesty's Government, further to the Written Answer by Lord Callanan on 23 May (HL404), what assessment they have made of whether directors and auditors should be making “adjustments” at the time the accounts are signed, because the lack of such adjustments could hamper the determination of solvency/going concern...
The directors are responsible for signing off the accounts and making sure they comply with the requirements of the Companies Act 2006. The Companies Act requires that companies take into account the additional factors in Part 23 of the Companies Act when calculating distributable profits. This is to ensure that a company may only make distributions out of profits available for the purpose of distribution.
To ask Her Majesty's Government, further to the Written Answer by Lord Callanan on 27 May (HL403), what “other criteria” must be assessed under Part 23 of the Companies Act 2006, in addition to those set out in sections 833A and 844, before paying a dividend.
To ask Her Majesty's Government, further to the Written Answer by Lord Callanan on 27 May (HL403), what “other criteria” must be assessed under Part 23 of the Companies Act 2006, in addition to those set out in sections 833A and 844, before paying a dividend.
Companies are required to take account of all of the matters in Part 23 of the Companies Act 2006 before paying a dividend.
To ask Her Majesty's Government, further to the Written Answer by Lord Callanan on 27 May (HL402), whether the Secretary of State or the UK Endorsement Board have been endorsing International Accounting Standards as set out in Regulation 7 of The International Accounting Standards and European Public Limited-Liability Company (Amendment etc.) (EU...
To ask Her Majesty's Government, further to the Written Answer by Lord Callanan on 27 May (HL402), whether the Secretary of State or the UK Endorsement Board have been endorsing International Accounting Standards as set out in Regulation 7 of The International Accounting Standards and European Public Limited-Liability Company (Amendment etc.) (EU...
As set out in the answer I gave the noble Baroness on 27 May 2022 to Question HL402, both the Secretary of State and, following the delegation of statutory functions, the UK Endorsement Board have adopted international accounting standards in accordance with the International Accounting Standards and European Public Limited-Liability Company (Amendment etc.) (EU Exit) Regulations 2019.
To ask Her Majesty's Government, further to the Written Answer by Lord Callanan on 20 May (HL31), what assessment they have made of the judgment given in the Caparo V Dickman case; and whether their reply was based on that assessment.
To ask Her Majesty's Government, further to the Written Answer by Lord Callanan on 20 May (HL31), what assessment they have made of the judgment given in the Caparo V Dickman case; and whether their reply was based on that assessment.
The Government did not make an assessment of the Caparo V Dickman case in providing the Written Answer on 20 May 2022 to Question HL31.
To ask Her Majesty's Government, further to the Written Answers by Lord Callanan on 20 May (HL27 and HL31), by what authority the UK Endorsement Board is endorsing accounting standards under its duties in secondary legislation without considering the primary legislative framework in which those standards sit; and when was such authority...
To ask Her Majesty's Government, further to the Written Answers by Lord Callanan on 20 May (HL27 and HL31), by what authority the UK Endorsement Board is endorsing accounting standards under its duties in secondary legislation without considering the primary legislative framework in which those standards sit; and when was such authority...
Regulation 5 of the International Accounting Standards and European Public Limited-Liability Company (Amendment etc.) (EU Exit) Regulations 2019 (SI 2019/685) gave the Secretary of State the responsibility to adopt international accounting standards, with a view to harmonising the financial information presented by companies preparing accounts required by section 403(1) of the Companies Act 2006. This responsibility was delegated to the UK Endorsement Board via the International Accounting Standards (Delegation of Functions) (EU Exit) Regulations 2021, which was approved by Parliament and came into force on 22 May 2021. The delegation also includes the requirement to abide by the basis for adoption of international accounting standards set-out in Regulation 7 of SI 2019/685.
To ask Her Majesty's Government, further to the Written Answer by Lord Callanan on 20 May (HL31), why s833A is relevant to that answer, given that s833A does not provide an example of adjustments to numbers in the audited accounts because s833A(7) uses different numbers valued in accordance with rules from...
To ask Her Majesty's Government, further to the Written Answer by Lord Callanan on 20 May (HL31), why s833A is relevant to that answer, given that s833A does not provide an example of adjustments to numbers in the audited accounts because s833A(7) uses different numbers valued in accordance with rules from...
As noted in the answer I gave to HL31, section 833A is an example of a factor that directors in certain insurance companies may need to consider when using their relevant accounts to determine their company’s distributable profits. Section 833A works in tandem with other sections that reference the accounts, to create a dual test.
To ask Her Majesty's Government, further to the Written Answer by Lord Callanan on 20 May (HL31), how systemic such adjustments are if audited accounts are merely a “starting point“; and whether the result of companies having to do that has been subject to an impact assessment in terms of (1)...
To ask Her Majesty's Government, further to the Written Answer by Lord Callanan on 20 May (HL31), how systemic such adjustments are if audited accounts are merely a “starting point“; and whether the result of companies having to do that has been subject to an impact assessment in terms of (1)...
Companies calculate their distributable profits under Part 23 of the Companies Act 2006, and as such, it is an individual decision at the company level as to whether to make a distribution.
An impact assessment on the Companies Act 2006 was published in January 2007 and is attached to this response.
To ask Her Majesty's Government, further to the Written Answer by Lord Callanan on 20 May (HL31), how any audited accounts described as a "starting point" can have been reliable for assessing whether a company is capable of being a going concern or not, if that “starting point” (1) contained material unrealised...
To ask Her Majesty's Government, further to the Written Answer by Lord Callanan on 20 May (HL31), how any audited accounts described as a "starting point" can have been reliable for assessing whether a company is capable of being a going concern or not, if that “starting point” (1) contained material unrealised...
UK-adopted international accounting standards require the directors of a company, when preparing the accounts, to make an assessment of the company’s ability to continue to operate as a going concern for at least 12 months from the balance sheet date. These standards also require disclosure where there are material uncertainties related to events or conditions that may cast significant doubt upon the company’s ability to continue as a going concern.
Section 836 of the Companies Act 2006 requires that the calculation of distributable profits is determined by reference to the relevant accounts. Part 23 includes other criteria that must be assessed before the amount of distributable profits for the company can be determined. In taking a decision to pay a dividend, directors must also consider their duty under s172 of the Companies Act 2006 to promote the success of the company for the benefit of shareholders as a whole. Consideration of the success of the company may include an assessment of whether the company would, following the payment of the proposed dividend, be solvent and continue to be able to pay its debts as they fall due, in the context of the current and likely future position and needs of the company.
To ask Her Majesty's Government, further to the Written Answer by Lord Callanan on 16 September 2020 (HL7963) which stated that “calculation of the distributable profits and of a distribution by a public company must be based on the profits of the company as set out in the company’s accounts”,...
To ask Her Majesty's Government, further to the Written Answer by Lord Callanan on 16 September 2020 (HL7963) which stated that “calculation of the distributable profits and of a distribution by a public company must be based on the profits of the company as set out in the company’s accounts”,...
The calculation of distributable profits must take the profits of the company as set out in the company’s accounts as its starting point. However, directors must also take into account additional factors set out in Part 23 of the Companies Act 2006. For example, for certain insurance companies that are authorised under the Solvency 2 Directive this includes the factors set out in s833A. The effect of these additional factors is to ensure that a company may only make distributions out of profits available for the purpose. The UK Endorsement Board is only required to assess international accounting standards against the criteria in Regulation 7(1) in SI 2019/685.
To ask Her Majesty's Government why the UK Endorsement Board’s analysis for the endorsement of IFRS 17 made no assessment of whether the need to override the application of a standard would be "extremely rare".
To ask Her Majesty's Government why the UK Endorsement Board’s analysis for the endorsement of IFRS 17 made no assessment of whether the need to override the application of a standard would be "extremely rare".
The UK Endorsement Board’s Endorsement Criteria Assessment (ECA) for IFRS 17 sets out the results of the UK Endorsement Board’s assessment of the standard against the adoption criteria in SI 2019/685. The ECA states that this assessment has not identified any requirement of IFRS 17 that would prevent individual or consolidated accounts prepared using the standard from giving a true and fair view of the entity’s assets, liabilities, financial position and profit or loss. Following discussion of this matter by the UK Endorsement Board at its meeting on 9 May 2022, the final version of the ECA makes specific reference to the fact that the UK Endorsement Board is satisfied that the circumstances in which the application of IFRS 17 would result in accounts which did not give a true and fair view would be extremely rare.
To ask Her Majesty's Government why the UK Endorsement Board took no account the two opinions of George Bompas QC in its analysis for the endorsement of IFRS 17 despite linking to those opinions on its website.
To ask Her Majesty's Government why the UK Endorsement Board took no account the two opinions of George Bompas QC in its analysis for the endorsement of IFRS 17 despite linking to those opinions on its website.
The UK Endorsement Board has sought advice to clarify the legal position and the approach to be taken when assessing an international accounting standard against the criteria in Regulation 7(1)(a) of SI 2019/685 (the true and fair view criteria). In April 2022, it obtained an Opinion from Counsel on the interpretation of Regulation 7(1)(a). This Opinion was only one piece of a wide range of information that has been considered by the UK Endorsement Board as part of its responsibilities relating to the endorsement and adoption of international accounting standards.
The UK Endorsement Board website contains links to prior Counsel opinions, that were obtained by a number of different organisations, in order to provide contextual background for stakeholders.