Accounting standards: the new approach

Article Abstract:

The Financial Reporting Council (FRC) serves to widen the field of those players involved in the setting of accounting standards in the UK, including users, preparers, and auditors. The FRC has two subsidiary organizations, the Accounting Standards Board (ASB) and the Review Panel. The responsibilities of the FRC include ensuring funding for the new accounting standards setting scheme, funding the subsidiary bodies, and regulating the work of the subsidiaries. The FRC, with a membership of approximately 25, will also make appointments and provide a public forum and will meet three times a year. The ASB will be half the size of the FRC and will have an Urgent Issues Task Force to address matters not addressed by extant standards. The Review Panel will examine and question any departures from accounting standards by large companies.

Laws, regulations and rules, Accounting, Institute of Chartered Accountants in England and Wales, Great Britain

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Other information in documents containing audited financial statements

Article Abstract:

The Auditing Practices Board (APB) has issued an exposure draft for Statement of Auditing Standards (SAS) 160. The text of the exposure draft, which concerns the treatment of other information in documents containing audited financial statements, is provided for the benefit of Institute members. Comments on SAS 160's exposure draft may be sent to APB Project Dir David Marston at PO Box 433, Moorgate Place, London, EC2P 2BJ, no later than Jul 1999. The key features of SAS 160's exposure draft include provisions related to auditors' consideration of other matters, unresolved misstatements and inconsistencies, timing considerations, compliance with international standards on auditing, and the auditors' code. The exposure draft also has two appendices covering its statutory framework and its proposed effective date.

Regulation, Licensing, and Inspection of Miscellaneous Commercial Sectors, Accounting Services Regulation, Standards, Auditing, Accounting services, Auditing Practices Board, Accounting law

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Recognition of revenue, and other adjustments

Article Abstract:

The accounting treatment of the development of land owned by UK property and leisure company Wiggins Group is discussed, following changes due to observations made by the Financial Reporting Review Panel on previous accounts.

Reports, Real estate development, Wiggins Group PLC

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