The abbreviation ASB can refer to two distinct financial terms: the Accounting Standards Board, which oversees the development and implementation of accounting standards, and asset-backed security, a financial instrument backed by an underlying asset.
A specialist committee established by the Accounting Standards Board to advise on the application of accounting standards to smaller entities.
The Dearing Report, officially titled 'The Making of Accounting Standards,' was a landmark document published in 1988 aimed at reforming the setting of accountancy standards in the UK.
Understanding the primary goals that financial statements aim to achieve is crucial for determining the scope of information they should provide and the manner in which they should be presented.
The Urgent Issues Task Force (UITF) was established in 1991 as part of the Accounting Standards Board. It was responsible for tackling urgent matters not covered by existing standards, especially where the customary standard-setting process could not be applied due to time constraints. The UITF was disbanded in 2012 as part of the reform of the Financial Reporting Council.
