Accounting Standards Committee

Business, Legal & Accounting Glossary

Definition: Accounting Standards Committee

Accounting Standards Committee

What is the dictionary definition of Accounting Standards Committee?

Dictionary Definition

The Accounting Standards Committee (ASC) was a joint committee of the Consultative Committee Of Accounting Bodies that was established in 1976 as a successor to the Accounting Standards Steering Committee.

Full Definition of Accounting Standards Committee

Membership of the Accounting Standards Committee was both part-time and unpaid.

In 1990 and as a result of serious doubts concerning the effective of the committee’s effectiveness – the committee was replaced by the Accounting Standards Boards.

Within it’s lifetime the ASC issued a total of 25 Statements Of Standard Accounting Practice (SSAPs), a number of which were subsequently adopted by the ASB.

During it’s life, the ASC was also responsible for issuing Statements of Recommended Practice (SORPs).

In spite of it’s failings, the ASC was responsible for a number of improvements to the general standard of financial reporting and accounting within the UK.

Cite Term

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Page URL
Modern Language Association (MLA):
Accounting Standards Committee. Payroll & Accounting Heaven Ltd.
January 26, 2022
Chicago Manual of Style (CMS):
Accounting Standards Committee. Payroll & Accounting Heaven Ltd. (accessed: January 26, 2022).
American Psychological Association (APA):
Accounting Standards Committee. Retrieved January 26, 2022
, from website:

Definition Sources

Definitions for Accounting Standards Committee are sourced/syndicated and enhanced from:

  • A Dictionary of Economics (Oxford Quick Reference)
  • Oxford Dictionary Of Accounting
  • Oxford Dictionary Of Business & Management

This glossary post was last updated: 10th August, 2019 | 28 Views.