Business, Legal & Accounting Glossary
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.
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.
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This glossary post was last updated: 10th August, 2019 | 28 Views.