Finance Leasing Manual - FLM48.02

Accounting Standards Board (ASB)

The process of producing formal statements of accounting practice took on a statutory basis with the creation of the Accounting Standards Board (ASB) from 20 August 1990. The ASB is a committee of The Accounting Standards Board Ltd. This is prescribed as a standard setting body for the purposes of Section 256(1) of the Companies Act 1985 (as amended). The prescription derives from The Accounting Standards (Prescribed Body) Regulations 1990: SI 1990 No 1667. This governs accounting standards in Great Britain. There are parallel rules giving the ASB a similar rôle for Northern Ireland.