To ask the Secretary of State for Trade and Industry whether he will make a statement on the work of the accounting standards committee.

The work of the accounting standards committee of the Consultative Committee of Accounting Bodies in developing accounting standards has made a major contribution to improvements in accounting practice over the last 20 years. The arrangements for making and enforcing such standards now need strengthening. The Dearing committee's recommendations on this subject have been widely supported and Sir Ronald Dearing is negotiating terms with all concerned so that the new arrangements for making and enforcing acccounting standards are in place by the summer.