(1)Before—
(a)issuing directions under section 5(2), or
(b)determining the form and content of accounts under section 9,
the Treasury shall consult a group of persons who appear to the Treasury to be appropriate to advise on financial reporting principles and standards.
(2)Before selecting a group for the purpose of subsection (1) the Treasury shall consult the Comptroller and Auditor General.
(3)Where a group is consulted under subsection (1) in a particular year, the Treasury shall arrange for the group to prepare a report for that year—
(a)summarising the activities of the group for the purpose of the consultation, and
(b)dealing with such other matters as the group consider appropriate.
(4)Where a report is prepared under subsection (3), the Treasury shall arrange for it to be laid before the House of Commons.