Accounting standards setting: unresolved issues

Article Abstract:

The creation of accounting standards in the UK is the responsibility of the new Accounting Standards Board (ASB), which went into operation on 1 Aug 90. The ASB replaces the now defunct Accounting Standards Committee (ASC), which had been in operation since 1976. The ASB is part of a new regime for accounting standards formulation created by the Financial Reporting Council's first chairman, Sir Ron Dearing. The ASB inherits 22 extant standards from the ASC, plus controversies concerning the formulation of accounting standards for acquisitions and mergers, brands, and goodwill. In addition, the ASB needs to formulate standards for related party transactions and off-balance sheet financing. The lack of a conceptual framework has hurt the accounting standards setting process in the past and the development of such a framework may prove beneficial for the ASB.

Analysis, Accounting Standards Board, Accounting Standards Committee

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Strategic tasks the IASC has to tackle

Article Abstract:

The International Accounting Standards Committee (IASC) needs to turn its attention to several strategic issues now that it has succeeded in establishing a partnership with the International Organization of Securities Commissions to develop a core set of international accounting standards. Foremost of these challenges is the need to involve the world's leading standard-setting bodies as well as those that have not been active participants in the standard-setting process. There is also a need to develop effective mechanisms for ensuring that the standards are applied rigorously and consistently all over the world. Other daunting strategic challenges facing the IASC pertain to issues of inertia, vested interests and institutional identity.

Management, International Accounting Standards Board

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