Leadership and Consultation - The Path for ASC

Article Abstract:

The Accounting Standards Committee (ASC) does not issue standards, but rather, develops them. The ASC of the United Kingdom carried out a review of the standard- setting process in 1983. After a standard topic is identified, a work party is formed. Consultations are widely gathered before a draft is written. The approach to consultation has changed to narrow the scope to those who will be affected. Reconciling standards between the United Kingdom, Ireland and the European Economic Community (EEC) is complicated. United States standards are developed after a larger number of man-hours than in the United Kingdom and are often good sources. Standards are difficult to evaluate because little is heard from the users of the reports. Yet, they should be set in terms of their effect on the users. Differing needs and sizes of the entities of users cause difficulty in standard-setting. Leadership potential of the ASC is limited because of the constraints on them. Consultation is the greater aim due to the belief in democratic development. The lack of legal backing allows standards to stand on their own merits.

Interview, Accountants

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Profession to draw up guidelines

Article Abstract:

Currently, British accountants use their own discretion as to reporting audit clients' irregularities to government officials. This may soon change. Passage of the Financial Services Bill into law could establish accounting guidelines under which public accountants must report their clients' financial problems or irregularities to the state, while also giving governmental agencies (including the Secretary of State and the Securities and Investments Board) the right to demand public reporting to their agencies of all client operations. Although no penalties, fines or other punishments have been defined for noncompliance with the proposed bill, the bill as currently worded would allow accountants no defense based on confidentiality of client records.

Laws, regulations and rules, Accounting firms, Accounting services, Disclosure statements (Accounting), Great Britain

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