OT02040 - Oil Industry Accounting

Composition of UK Accounting Standards

Accounting standards comprise

• Financial Reporting Standards (FRSs), including FRSSE
• Urgent Issues Task Force Abstracts (UITFs)
• Statements of Standard Accounting Practice (SSAPs)

Since its establishment in 1990, under the aegis of The Financial Reporting Council, the Accounting Standards Board (ASB), to which the Urgent Issues Task Force (UITF) reports, has been responsible for issuing FRSs and UITFs, and updating and/or replacing SSAPs issued between 1971 and 1990.