UK Accounting Glossary
A body established in 2012 to take over certain functions of the former Accounting Standards Board.
The main role of the council is to advise its parent body, the Financial Reporting Council (FRD), on matters of accounting and financial reporting policy.
The responsibility for issuing Financial Reporting Standards now belongs to the FRC, although the Accounting Council typically has a hand in their development.
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This glossary post was last updated: 25th August 2019.