applicable accounting standards
- applicable accounting standards
-
Under the Companies Act 1985, as amended by the Companies Act 1989, the accounts of all companies other than small or medium-sized companies have to state whether they have been prepared in accordance with applicable accounting standards and disclose any material departures from them. The Accounting Standards Board (ASB) has authority to issue these standards, known as Financial Reporting Standards (FRSs). However, the ASB has adopted all the pre-existing Statements of Standard Accounting Practice (SSAPs) issued by its predecessor body, the Accounting Standards Committee. The Urgent Issues Task Force of the ASB issues Abstracts, which are consensus pronouncements on matters which do not require a full accounting standard or where a matter is particularly topical or pressing. Applicable accounting standards comprise all extant FRSs and Abstracts together with those SSAPs which have not been withdrawn or replaced by FRSs.
Related links
Practical Law Dictionary. Glossary of UK, US and international legal terms.
www.practicallaw.com.
2010.
Look at other dictionaries:
Accounting Standards Board — (ASB) The accounting standards issuing body. The ASB issues accounting standards in the form of Financial Reporting Standards (FRSs) and has adopted those standards developed by its predecessors in the form of Statements of Standard Accounting… … Law dictionary
Cost Accounting Standards — (popularly known as CAS) are a set of 19 standards and rules promulgated by the United States Government for use in determining costs on negotiated procurements. CAS differs from the Federal Acquisition Regulation (FAR) in that FAR applies to… … Wikipedia
Federal Accounting Standards Advisory Board — Infobox Government agency agency name = Federal Accounting Standards Advisory Board nativename = nativename a = nativename r = logo width = 160px logo caption = seal width = seal caption = formed = October 1990 preceding1 = preceding2 = dissolved … Wikipedia
Accounting Convention — Guidelines that arise from the practical application of accounting principles. An accounting convention is not a legally binding practice; rather, it is a generally accepted convention based on customs, and is designed to help accountants… … Investment dictionary
Constant purchasing power accounting — Accountancy Key concepts Accountant · Accounting period · Bookkeeping · Cash and accrual basis · Cash flow management · Chart of accounts … Wikipedia
Generally Accepted Accounting Principles (United States) — In the U.S., generally accepted accounting principles, commonly abbreviated as US GAAP or simply GAAP, are accounting rules used to prepare, present, and report financial statements for a wide variety of entities, including publicly traded and… … Wikipedia
Mark-to-market accounting — Accountancy Key concepts Accountant · Accounting period · Bookkeeping · Cash and accrual basis · Cash flow management · Chart of accounts … Wikipedia
International Financial Reporting Standards — Les normes internationales d information financière, plus connues au sein de la profession comptable et financière sous leur nom anglais de International Financial Reporting Standards ou IFRS sont des normes comptables, élaborées par le Bureau… … Wikipédia en Français
International Accounting Standard — IAS Any of the accounting standards issued by the board of the International Accounting Standards Committee (IASC) between 1973 and 2001. In 2001 the IASC was replaced by the International Accounting Standards Board (IASB), which announced that… … Big dictionary of business and management
International Accounting Standard — IAS Any of the accounting standards issued by the board of the International Accounting Standards Committee (IASC) between 1973 and 2001. In 2001 the IASC was replaced by the International Accounting Standards Board (IASB), which announced that… … Accounting dictionary
