History
Accounting standards derive from a number of sources. The chief standard-setter is the Accounting Standards Board (ASB), which issues standards called Financial Reporting Standards (FRS). The ASB is part of the Financial Reporting Council, an independent regulator funded by a levy on listed companies, and it replaced the Accounting Standards Committee (ASC), which was disbanded in 1990 following a number of criticisms of its work. To the extent that the ASC's pronouncements, known as Statements of Standard Accounting Practice (SSAPs), have not been replaced by FRS, they remain in force.
Read more about this topic: Generally Accepted Accounting Practice (UK)
Famous quotes containing the word history:
“The disadvantage of men not knowing the past is that they do not know the present. History is a hill or high point of vantage, from which alone men see the town in which they live or the age in which they are living.”
—Gilbert Keith Chesterton (1874–1936)
“History is more or less bunk. It’s tradition. We don’t want tradition. We want to live in the present and the only history that is worth a tinker’s damn is the history we make today.”
—Henry Ford (1863–1947)
“While the Republic has already acquired a history world-wide, America is still unsettled and unexplored. Like the English in New Holland, we live only on the shores of a continent even yet, and hardly know where the rivers come from which float our navy.”
—Henry David Thoreau (1817–1862)