The role of the Accounting Standards Board (ASB) is to issue accounting standards in the United Kingdom. It is recognised for that purpose under the Companies Act 1985. It took over the task of setting accounting standards from the Accounting Standards Committee (ASC) in 1990. However, ASB was overtaken by Financial Reporting Council (FRC) on 2 July 2012. Thus, FRC is now the authority that may issue accounting standards in UK
The ASB is part of the Financial Reporting Council.
Famous quotes containing the words accounting, standards and/or board:
“I, who am king of the matter I treat, and who owe an accounting for it to no one, do not for all that believe myself in all I write. I often hazard sallies of my mind which I mistrust.”
—Michel de Montaigne (1533–1592)
“The standards of His Majesty’s taste made all those ladies who aspired to his favour, and who were near the Statutable size, strain and swell themselves, like the frogs in the fable, to rival and bulk and dignity of the ox. Some succeeded, and others burst.”
—Philip Dormer Stanhope, 4th Earl Chesterfield (1694–1773)
“Watteau is no less an artist for having painted a fascia board while Sainsbury’s is no less effective a business for producing advertisements which entertain and educate instead of condescending and exploiting.”
—Stephen Bayley (b. 1951)