Accounting Standards Committee

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A joint committee of the Consultative Committee of Accountancy Bodies set up in 1976 as a successor to the Accounting Standards Steering Committee. Membership of the ASC was part-time and unpaid; because serious doubts concerning its effectiveness were raised, in 1990 it was replaced by the Accounting Standards Board. In its life the ASC issued 25 Statements of Standard Accounting Practice (SSAPs), many of which were adopted by the ASB. The ASC was also responsible for issuing Statements of Recommended Practice (SORPs). Despite its failings, the ASC did much to improve the general level of financial reporting and accounting in the UK.

Subjects: Accounting.

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