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 home is a woman’s natural background.... From the beginning I tried to have the policy of the store reflect as nearly as it was possible in the commercial world, those standards of comfort and grace which are apparent in a lovely home.”
—Hortense Odlum (1892–?)
“On board ship there are many sources of joy of which the land knows nothing. You may flirt and dance at sixty; and if you are awkward in the turn of a valse, you may put it down to the motion of the ship. You need wear no gloves, and may drink your soda-and-brandy without being ashamed of it.”
—Anthony Trollope (1815–1882)