Accounting Standards Committee - ASC
Barron's Accounting Dictionary:
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Accounting Standards Committee - ASC
Committee with members from six accounting bodies in the United Kingdom and Ireland who draft and approve Statements of Standard Accounting Practice.
| Accounting Standard, Accounting Software, Accounting Series Releases (ASRS) | |
| Accounting Standards Executive Committee (ACCSEC), Accounting System, Accounting Valuation |
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Accounting Standards Committee - ASC
Investopedia Financial Dictionary:
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Accounting Standards Committee - ASC
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).
Investopedia Says:
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 IASB issues accounting standards within the United Kingdom and collaborates with other countries' accounting standard-setters.
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Dictionary of Accounting Terms. Copyright © 2010 by Barron's Educational Series, Inc. All rights reserved.
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