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It meets as necessary to consider pressing issues and issues Abstracts which become binding immediately. The UITF comprises a number of senior figures from industry and accounting firms. Issues that require an immediate solution are considered by the Urgent Issues Task Force (UITF). This aims to address the criticisms levelled at the ASC, whose comment process was less rigorous. The standard in final form is only issued when comments have been incorporated or addressed. Where a new standard is to be proposed, a Financial Reporting Exposure Draft (FRED) is released for comment. These are released to the public and comments invited. Early concepts are issued as Discussion Papers. The ASB has a formal exposure process for proposed standards. To the extent that the ASC's pronouncements, known as Statements of Standard Accounting Practice (SSAPs), have not been replaced by FRS, they remain in force. The ASB is part of the Financial Reporting Council, an independent regulator funded by a levy on listed companies, and it replaced the Accounting Standards Committee (ASC), which was disbanded in 1990 following a number of criticisms of its work.
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The chief standard-setter is the Accounting Standards Board (ASB), which issues standards called Financial Reporting Standards (FRS). History Īccounting standards derive from a number of sources. The abbreviation "GAAP" is also accepted as an abbreviation for the term used in other jurisdictions, Generally Accepted Accounting Principles, or Generally Accepted Accounting Policies. Generally accepted accounting practice is a statutory term in the UK Taxes Acts. Company accounts must also be prepared in accordance with applicable company law (for UK companies, the Companies Act 2006 for companies in the Channel Islands and the Isle of Man, companies law applicable to those jurisdictions).
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Generally Accepted Accounting Practice in the UK, or UK GAAP or GAAP (UK), is the overall body of regulation establishing how company accounts must be prepared in the United Kingdom.