Process For Setting Standards
The ASB has a formal exposure process for proposed standards. Early concepts are issued as Discussion Papers. These are released to the public and comments invited. Where a new standard is to be proposed, a Financial Reporting Exposure Draft (FRED) is released for comment. The standard in final form is only issued when comments have been incorporated or addressed. This aims to address the criticisms levelled at the ASC, whose comment process was less rigorous.
Issues that require an immediate solution are considered by the Urgent Issues Task Force (UITF). The UITF comprises a number of senior figures from industry and accounting firms. It meets as necessary to consider pressing issues and issues Abstracts which become binding immediately.
Read more about this topic: Generally Accepted Accounting Practice (UK)
Famous quotes containing the words process, setting and/or standards:
“[Wellesley College] is about as meaningful to the educational process in America as a perfume factory is to the national economy.”
—Nora Ephron (b. 1941)
“Many working mothers feel guilty about not being at home. And when they are there, they wish it could be perfect.... This pressure to make every minute happy puts working parents in a bind when it comes to setting limits and modifying behavior.”
—Cathy Rindner Tempelsman (20th century)
“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)