Accounting Standards Committee (ASC)
The Accounting Standards Committee (ASC) was a former organization under the Consultative Committee of Accountancy Bodies (CCAB) in the United Kingdom. In 1990, the Accounting Standards Board took over its responsibilities, which was then replaced by the International Accounting Standards Board (IASB) in 2001. Accounting scandals in the late 1960s and early 1970s prompted the formation of the Accounting Standards Committee to issue accounting standards. The Accounting Standards Committee (ASC) duties included developing standards for financial reporting and accounting, recording these standards and communicating them through press releases and publications. The International Accounting Standards Board issues accounting standards within the United Kingdom and collaborates with other countries' accounting standard-setters.
What Was the Accounting Standards Committee?
The Accounting Standards Committee (ASC) was a former organization under the Consultative Committee of Accountancy Bodies (CCAB) in the United Kingdom. The Accounting Standards Committee (ASC) duties included developing standards for financial reporting and accounting, recording these standards and communicating them through press releases and publications. It existed between 1976 and 1990 when its duties were assumed by the Accounting Standards Board (ASB). The committee was preceded by the Accounting Standards Steering Committee (ASSC).
Before regulatory boards were established, accounting scandals occurred with some regularity. Accounting scandals in the late 1960s and early 1970s prompted the formation of the Accounting Standards Committee to issue accounting standards. In 1990, the Accounting Standards Board took over its responsibilities, which was then replaced by the International Accounting Standards Board (IASB) in 2001. The International Accounting Standards Board issues accounting standards within the United Kingdom and collaborates with other countries' accounting standard-setters. In the U.S. there is the Financial Accounting Standards Board (FASB) based in Connecticut.
Related terms:
Accounting Interpretation
An accounting interpretation is a statement that is issued by accounting standards bodies in order to clarify existing accounting standards. read more
Accounting Principles
Accounting principles are the rules and guidelines that companies must follow when reporting financial data. read more
Accounting Standard
An accounting standard is a common set of principles, standards, and procedures that define the basis of financial accounting policies and practices. read more
Accounting Standards Executive Committee (AcSEC)
Accounting Standards Executive Committee (AcSEC) is now called the Financial Reporting Executive Committee. read more
Certified Public Accountant (CPA)
A certified public accountant (CPA) is a designation given to those who meet education and experience requirements and pass an exam. read more
Financial Accounting Standards Board (FASB)
The Financial Accounting Standards Board (FASB) is an independent organization that sets accounting standards for companies and nonprofits in the United States. read more
Financial Statements , Types, & Examples
Financial statements are written records that convey the business activities and the financial performance of a company. Financial statements include the balance sheet, income statement, and cash flow statement. read more
Generally Accepted Accounting Principles (GAAP)
GAAP is a common set of generally accepted accounting principles, standards, and procedures that public companies in the U.S. must follow when they compile their financial statements. read more
International Accounting Standards (IAS)
International Accounting Standards are an older set of standards that were replaced by International Financial Reporting Standards (IFRS) in 2001. read more