An ever-stronger influence
Article Abstract:
The UK Accounting Standards Board has published new principles of corporate financial reporting. A review of past reporting standards, reasons for constantly improving standards, and UK standards' influence on international accounting standards are evaluated.
Publication Name: Accountancy
Subject: Business
ISSN: 0001-4664
Year: 2000
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Departing in the right spirit
Article Abstract:
Departure from accounting standards established by the Accounting Standards Committee of the Institute of Chartered Accountants in England and Wales is permissible when the noncompliance evidences "informed judgment." This is true since the British accounting standards are not intended to be a complete set of rules for application to all situations. Moreover, the informed judgment of the public accountant should determine that noncompliance with accounting standards yields a "truer and fairer" view of the financial reports, than would compliance with the standards. When complying with accounting standards, British corporations and public accountants should concentrate on the "spirit" (or the intent of the standard), rather than the "letter" of the rule. This form of standard setting and interpretive compliance differs from the "cookbook" approach of accounting standards promulgated in the U.S. by the Financial Accounting Standards Board. Interpretive compliance with British accounting standards is explained, using examples for deciding whether a lease is an operating or a finance lease, and accounting for acquisitions and mergers.
Publication Name: Accountancy
Subject: Business
ISSN: 0001-4664
Year: 1986
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A matter of principles: The UK's Statement of Principles already has an impressive record and should be recognized as a force for good
Article Abstract:
The UK Accounting Standards Board's exposure draft of the Statement of Principles for Financial Reporting attracting much comment when it was issued in 1995. Its recent revised draft, together with a booklet and technical supplement, responds to the criticisms. The earlier draft did not communicate its views successfully leading to the development of certain myths about the content and meaning. The revisions aim to eliminate potential ambiguities and present a clear message.
Publication Name: Accountancy
Subject: Business
ISSN: 0001-4664
Year: 1999
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