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)
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“Yet I doubt not through the ages one increasing purpose runs,
And the thoughts of men are widened with the process of the suns.”
—Alfred Tennyson (1809–1892)
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—Letty Cottin Pogrebin (20th century)
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—Alexander Herzen (1812–1870)