Accounting Standards Committee (ASC )

What Was the Accounting Standards Committee?

The Accounting Standards Committee (ASC) was a former organization under the Consultative Committee of Accountancy Bodies (CCAB) in the United Kingdom. The Accounting Standards Committee (ASC) duties included creating standards for financial reporting and accounting, recording these standards and conveying them through press releases and distributions. It existed somewhere in the range of 1976 and 1990 when its duties were assumed by the Accounting Standards Board (ASB). The committee was gone before by the Accounting Standards Steering Committee (ASSC).

Before regulatory boards were laid out, accounting embarrassments happened with some routineness. Accounting outrages in the late 1960s and mid 1970s provoked the formation of the Accounting Standards Committee to issue accounting standards. In 1990, the Accounting Standards Board assumed control over its liabilities, which was then supplanted by the International Accounting Standards Board (IASB) in 2001. The International Accounting Standards Board issues accounting standards inside the United Kingdom and works together with other nations' accounting standard-setters. In the U.S. there is the Financial Accounting Standards Board (FASB) situated in Connecticut.