The Accounting Standards Board (ASB) was the recognised body for setting accounting standards in the UK from its establishment in 1990 until its functions were subsumed under the Financial Reporting Council (FRC) in 2012.
The British Accounting and Finance Association (BAFA) is the primary organization for accounting academics in the UK. It provides a platform for networking, research, and dissemination of financial knowledge through its quarterly journal, the British Accounting Review.
Short-term, highly liquid investments that are capable of being converted into known amounts of cash without notice, typically maturing within three months when acquired.
The Consultative Committee of Accountancy Bodies (CCAB) is a collaborative umbrella group set up in 1970 by the six main accountancy bodies in the UK and Ireland to foster cooperation and address financial accounting and reporting issues.
The current-year basis is an accounting principle used for tax assessment in the UK, wherein profits are taxed in a fiscal year based on the profits arising in the accounts for the period ending within that same tax year.
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.
Under specific regulations such as the Companies Act and applicable financial reporting standards in the UK and the Republic of Ireland, certain parent companies may be exempt from preparing consolidated financial statements.
FRS 102 sets the standard for accounting principles and practices for small to medium-sized enterprises in the UK and Republic of Ireland, aiming to simplify reporting requirements and enhance financial transparency.
Under former UK accounting rules, a 'non-equity share' referred to shares in a company that had limited rights or redeemable terms. This concept was defined by Financial Reporting Standard (FRS) 4 but was later replaced by FRS 25.
A significant document issued by the Accounting Standards Board (ASB) intended to establish a conceptual framework for UK accounting standards, comprising seven key chapters and serving as the cornerstone for the Financial Reporting Standard Applicable in the UK and Republic of Ireland.
Statements of Standard Accounting Practice (SSAPs) are a series of accounting standards issued by the Accounting Standards Committee between 1971 and 1990. These standards were utilized to ensure consistency and reliability in financial reporting practices.
An essential audit concept, primarily used in the UK, requiring auditors to ensure that the published accounts of companies present a 'true and fair view' of the organization's financial position, even if it means departing from legal requirements.
