Moved by
Lord Stevenson of Balmacara
44: After Clause 12, insert the following new Clause—
“Duty to report outstanding interest payments on unpaid invoices
(1) A company with outstanding liabilities relating to overdue payments at the end of an accounting period must record these in their statutory accounts.
(2) Where any of the outstanding liabilities include interest on overdue payments, the company must disclose these amounts by way of a note to the accounts, which should also record comparable outstanding liabilities, if any, for the preceding six financial years.
(3) Where companies fail to disclose this information during the course of an audit, their auditors are required to report that failure to the Small Business Commissioner, and may comment on the issue of their audit report.”