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Question HL8053: tabled on 14 September 2020 and due for answer by 28 September 2020

This type of business sits within the Questions & Statements category.

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Question text

To ask Her Majesty's Government further to the Written Answer by {member id="4336" field="DisplayAs"}{/member} on 6 August (HL7506), and in the light of the fact that the Financial Reporting Council (FRC) has indicated that a 'true and fair' override exists in both UK law and the standards of the International Accounting Standards Board (IASB), why the FRC's Accounting and Reporting Policy Team’s remit to follow and comment on the work of the IASB as it develops International Financial Reporting Standards prevents the FRC from issuing guidance on the application of a 'true and fair' view; and why this issue has not been resolved following the Business, Energy and Industrial Strategy Select Committee's report Future of Audit, published in April 2019.
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