Treasury Committee press notice

28 October 2008: For Immediate Release

TREASURY COMMITTEE ANNOUNCES ONE-OFF EVIDENCE SESSION INTO

ACCOUNTANCY AND THE BANKING CRISIS

The Treasury Committee today announces details of an evidence session on accountancy in the context of the current banking crisis. The evidence session will take place at 9.45 am on Tuesday 11 November 2008 in the Thatcher Room, Portcullis House, with the following witnesses:

9.45am

Paul Chisnall, Executive Director of Financial Policy & Operations, British Bankers' Association

Russell Picot, Member, BBA Financial Reporting Advisory Panel

Stephen Haddrill, Director General, Association of British Insurers

Liz Murrall, Director, Investment Management Association

Charles Cronin, Head, Chartered Financial Analyst Institute Centre

10.30am

Sir David Tweedie, Chairman, International Accounting Standards Board

Paul Boyle, Chief Executive, Financial Reporting Council

Michael Izza, Chief Executive, Institute of Chartered Accountants in England & Wales

The Committee would welcome written evidence on the following topics in particular:

€ The purpose, and intended audience, of financial accounts.

€ The role that fair value accounting has played in the banking crisis, and whether any change to fair value reporting rules and requirements is appropriate.

€ The role and accountability of the International Accounting Standards Board.

€ The process of amending accountancy standards.

Written evidence should reach the Treasury Committee by 12 noon on Monday 3 November 2008. Guidance on the submission of written evidence can be found at the end of this press notice.

Topics for further hearings planned for November

The Committee plans to hold two further hearings in November on the following topics:

€ The performance and actions of two banks that have recently been nationalised: Northern Rock and Bradford & Bingley;

€ Incentive structures (including remuneration policies) within financial institutions, and their potential effects on financial stability, both at the institutional and system-wide level.

The Committee will invite written evidence on these two specific topics when it announces the dates and witnesses for these hearings. Further written evidence will be invited at a later stage in the inquiry.

NOTES ON SUBMISSION OF WRITTEN EVIDENCE

Written evidence should be in Word or rich text format€”not PDF format€”and sent by e-mail to [email protected] The body of the e-mail must include a contact name, telephone number and postal address. The e-mail should also make clear who the submission is from. The deadline is 12 noon on Monday 3 November 2008.

Submissions should be in the format of a self-contained memorandum. Paragraphs should be numbered for ease of reference, and the document must include an executive summary. Further guidance on the submission of evidence can be found at www.parliament.uk/parliamentary_committees/witness.cfm.

Submissions should be original work, not previously published or circulated elsewhere. Once submitted, your submission becomes the property of the Committee and no public use should be made of it unless you have first obtained permission from the Clerk of the Committee. Please bear in mind that Committees are not able to investigate individual cases.

The Committee normally, though not always, chooses to publish the written evidence it receives, either by printing the evidence, publishing it on the internet or by making it publicly available through the Parliamentary Archives. If there is any information you believe to be sensitive you should highlight it and explain what harm you believe would result from its disclosure; the Committee will take this into account in deciding whether to publish or further disclose the evidence.

For data protection purposes, it would be helpful if individuals wishing to submit written evidence send their contact details in a covering letter. You should be aware that there may be circumstances in which the House of Commons will be required to communicate information to third parties on request, in order to comply with its obligations under the Freedom of Information Act 2000.