Accounting Standards Board

The Accounting Standards Board (ASB) is an arm of the Financial Reporting Council that sets accounting standards in the UK.

The role of the ASB is less important than it used to be: all listed companies are now required (by EU directive) to use IFRSs. The ASB now appears to see its role as lying mainly in influencing the development of IFRSs and European standards.

UK standards (for unlisted companies, which are mostly not bound by the EU directive) are converging with IFRSs and increasingly contain only minor deviations from international standards.

More information is available from the ASB website.