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)
“With his brows knit, his mind made up, his will resolved and resistless, he advances, crashing his way through the host of weak, half-formed, dilettante opinions, honest and dishonest ways of thinking, with their standards raised, sentimentalities and conjectures, and tramples them all into dust. See how he prevails; you don’t even hear the groans of the wounded and dying.”
—Henry David Thoreau (1817–1862)
“Don’t tell me what delusion he entertains regarding God, or what mountebank he follows in politics, or what he springs from, or what he submits to from his wife. Simply tell me how he makes his living. It is the safest and surest of all known tests. A man who gets his board and lodging on this ball in an ignominious way is inevitably an ignominious man.”
—H.L. (Henry Lewis)