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)
“It gives me the greatest pleasure to say, as I do from the bottom of my heart, that never in the history of the country, in any crisis and under any conditions, have our Jewish fellow citizens failed to live up to the highest standards of citizenship and patriotism.”
—William Howard Taft (1857–1930)
“As a man-of-war that sails through the sea, so this earth that sails through the air. We mortals are all on board a fast-sailing, never-sinking world-frigate, of which God was the shipwright; and she is but one craft in a Milky-Way fleet, of which God is the Lord High Admiral.”
—Herman Melville (1819–1891)