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Accounting Standards Board

Volume 403: debated on Monday 10 March 2003

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To ask the Chancellor of the Exchequer (1) pursuant to his answer of 5 February 2003, Official Report, column 302W, on the private finance initiative, what assessment he has made of the performance of the Accountancy Standards Board; [101191](2) what plans he has for his Department to issue accounting standards in relation to

(a) special purpose vehicles, (b) PFI contracts and (c) other issues; [101194]

(3) whether officials from his Department have met representatives of the Accounting Standards Board to discuss accounting standards relating to special purpose vehicles. [101192]

The issue of accounting standards is a matter for the Accounting Standards Board (ASB), not for HM Treasury.HM Treasury does not assess the performance of the ASB. The ASB is an independent body, a company limited by guarantee, which is formally a subsidiary of the Financial Reporting Council (FRC). A full report of the ASB's activities is set out each year in the FRC's Annual Review.HM Treasury has observer status on the Accounting Standards Board and Treasury officials have regular contacts with the Board on a range of issues.