Accounting Standards Committee (ASC )

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Will Kenton
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Will Kenton is an expert on the economy and investing laws and regulations. He previously held senior editorial roles at Investopedia and Kapitall Wire and holds a MA in Economics from The New School for Social Research and Doctor of Philosophy in English literature from NYU.
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Updated July 25, 2021
Reviewed by Margaret James
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Katrina Munichiello
Katrina Avila Munichiello
Fact checked by Katrina Munichiello
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Katrina Ávila Munichiello is an experienced editor, writer, fact-checker, and proofreader with more than fourteen years of experience working with print and online publications.

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What Was the Accounting Standards Committee?

The Accounting Standards Committee (ASC) was 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).

Before regulatory boards were established, accounting scandals occurred with some regularity. 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 International Accounting Standards Board issues accounting standards within the United Kingdom and collaborates with other countries' accounting standard-setters. In the U.S. there is the Financial Accounting Standards Board (FASB) based in Connecticut.

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  1. Institute of Chartered Accountants in England and Wales. "Knowledge Guide to UK Accounting Standards." Accessed March 19, 2021.

  2. International Financial Reporting Standards Foundation. "Who We Are: History." Accessed March 19, 2021.

  3. Financial Accounting Standards Board. "About Us." Accessed March 19, 2021.