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INTRODUCTION TO FINANCIAL ACCOUNTING STATEMENTS
Before 1970 there was no obligatory requirements regarding the presentation of financial statements of companies. As a result, the accounting practices being carried out were varied and sometimes inappropriate. ...
In 1970 the Accounting Standards Committee was created to set up guidelines for the accounting profession concerning the preparation of financial statements.
The ASC produced 22 Statements of Standard Accounting Practice (SSAPs) that have to be followed for particular areas of accounting.
In 1990 the Accounting Standards Board came into being and took over from the ASC.
The purpose of this new establishment is to regulate the standards of financial accounting to make them more comprehensible to those that need to understand them.
The SSAPs that had been created before continue to be relevant, with the exception of some, which have been updated by the new Financial Reporting Records (FRSs). ...
There are 4 main types of accounting standard and these are as follows: -
1.
Approximate Word count = 765
Approximate Pages = 3.1
(250 words per page double spaced)
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