To What Extent Has The Asb Been Successful In Addressing The Issues In Its Frs Program?
INTRODUCTION
Users of financial statements require companies to report their financial performance in a way which is ‘informative, consistent and comparable' (Higson, 1990).
The ASB are an independent accounting standards body with the objective of improving and restoring confidence in financial reporting in the UK. The ASB proceeded the ASC in 1990 following a series of large corporate failures and since has published accounting standards in accordance with a conceptual framework. The idea of a conceptual framework is not new and has been discussed in such reports as the Watts report and the Dearing report. The Dearing report concluded that the lack of a conceptual framework was a handicap to those setting accounting standards as well as to those applying them (Davies, Paterson and Wilson, 1999).
The conceptual framework or ‘Statement of Principles' as it is more commonly referred to was published in its final form in March 2000. Chapter three of the framework......
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