|
|
|
|
|
Please use the Back facilities on your browser if you wish to return to this site after you have completed using your link
The Accounting Standards Board (ASB) is recognised under the Companies Act 1985 as being responsible for issuing accounting standards in the United Kingdom. Previously this was done by the Accounting Standards Committee (ASC)
Although the ASB is autonomous it does consult widely on its proposals by way of a Discussion Paper and a Financial Reporting Exposure Draft (FRED)
Accounting Standards developed by the ASB are contained in 'Financial Reporting Standards' (FRSs)
The ASB adopted the standards already issued by the ASC, so that they also fall within the legal definition of accounting standards. These are generally designated 'Statements of Standard Accounting Practice' (SSAPs)
Accounting Standards apply to all registered Companies in the UK, and other kinds of entities that prepare accounts that are intended to provide a true and fair view
Some Standards published by the ASB are available only upon subscription, others are free
The most relevant document for use by SME’s and other small registered Companies is the Financial Reporting Standard for Smaller Entities April 2008 (FRSSE)
Those doing so are then exempt from applying other accounting standards and Urgent Issues Task Force (UITF) Abstracts
The Companies Act defines ’small companies’ as being those with an annual turnover of up to £6.5 million
Comments and suggestions for improving this site are appreciated and should be addressed to administration
Last Update 28-Feb-2010
Date first published 08-Nov-2005