Finance Leasing Manual - FLM48.03

Existing accounting standards

At its first meeting on 24 August 1990, the ASB adopted the 22 existing standards and since then it has been extremely active. It has issued eight Financial Reporting Standards (FRSs) and a number of 'Abstracts' of consensus positions reached by the 'Urgent Issues Task Force'. These UITF deal quickly with new problems and there are now 15 of them. In practice they have the same force as FRSs. The last few years have seen significant changes in key areas of accounting practice.