Accounting Standards Committee - ASC


DEFINITION of 'Accounting Standards Committee - ASC '

A former organization under the Consultative Committee of Accountancy Bodies (CCAB) in the United Kingdom. The Accounting Standards Committee (ASC) duties included developing standards for financial reporting and accounting, recording these standards and communicating them through press releases and publications. It existed between 1976 and 1990 when its duties were assumed by the Accounting Standards Board (ASB). The committee was preceded by the Accounting Standards Steering Committee (ASSC).

BREAKING DOWN 'Accounting Standards Committee - ASC '

Accounting scandals in the late 1960s and early 1970s prompted the formation of the Accounting Standards Committee to issue accounting standards. In 1990, the Accounting Standards Board took over its responsibilities, which was then replaced by the International Accounting Standards Board (IASB) in 2001. The IASB issues accounting standards within the United Kingdom and collaborates with other countries' accounting standard-setters.

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    A profit and loss (P&L) statement, or balance sheet, is essentially a snapshot of a company's financial activity for ... Read Full Answer >>
  3. How do dividends affect the balance sheet?

    Dividends paid in cash affect a company's balance sheet by decreasing the company's cash account on the asset side and decreasing ... Read Full Answer >>
  4. Are dividends considered an expense?

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    In accounting, general and administrative expenses represent the necessary costs to maintain a company's daily operations ... Read Full Answer >>

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