ACC 312 Study Guide - Midterm Guide: Hm Customs And Excise, Chartered Management Institute, Financial Reporting Council
Document Summary
A number of bodies have been established to draft accounting policy, set accounting standards, and to monitor compliance with standards and the provisions of the companies act. The financial reporting council (frc), whose chairman is appointed by the department of trade and industry (dti) and the bank of england, develops accounting standards policy and gives guidance on issues of public concern. The asb, which is comprised of members of the accountancy profession, and on which the government has an observer status, has responsibility for development, issue, and withdrawal of accounting standards. The accounting standards are called financial reporting standards (frss). Up to 1990 the accounting standards were known as statements of. The asb is supported by the urgent issues task force (uitf). Its main role is to assist the asb in areas where an accounting standard or. Companies act provision exists, but where unsatisfactory or conflicting interpretations have developed or seem likely to develop.
