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:
“A man had better starve at once than lose his innocence in the process of getting his bread.”
—Henry David Thoreau (1817–1862)
“The mind cannot support moral chaos for long. Men are under as strong a compulsion to invent an ethical setting for their behavior as spiders are to weave themselves webs.”
—John Dos Passos (1896–1970)
“Our ego ideal is precious to us because it repairs a loss of our earlier childhood, the loss of our image of self as perfect and whole, the loss of a major portion of our infantile, limitless, ain’t-I-wonderful narcissism which we had to give up in the face of compelling reality. Modified and reshaped into ethical goals and moral standards and a vision of what at our finest we might be, our dream of perfection lives on—our lost narcissism lives on—in our ego ideal.”
—Judith Viorst (20th century)