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Essay / Research Paper Abstract
In The UK the accounting standard setting process in the UK has altered significantly since 1969 when the Accounting standards committee (ASC) was set up and later superseded by the Accounting Standards board (ASB). The ASB are now moving towards issuing Accounting Standards which comply with international standards, issued by the international Accounting Standards board. This 9 page paper examines who this has occurred, the pressures for change and the advantages and disadvantages of moving towards international accounting standards. The bibliography cites 8 sources.
Page Count:
9 pages (~225 words per page)
File: TS14_TEaccstand.rtf
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Unformatted sample text from the term paper:
due to a range of cases that raised concerns over the way the accounting standards were being set. Before the changes the Institute of Chartered Accountants in England and Wales
(ICAEW) were the body that issued guidance notes, these were "recommendations of accounting principles". These were not research backed documents, but were based on current practices and were only recommendation
and not requirements. The UK accounts systems had always, and to a limited extent, dies work on a trust basis, this is needed for the commercial environment to
survive, with trust placed into the way the annual accounts are presented. However, the events of the 1960s shook the city and investors confidence in the preparation of annual accounts
and with the EC takeover of AEI and then the Pergamon there were major issues raised. GEC proposed a take-over of AEI in 1967, in this they were reliant
on the AEI accounts, and as such due to the subjective nature of the accounting practices of the company ended up getting a great deal less than they though they
had bought. The AEI directors had recommended against the take-over bid and had projected a ?10 million profit, this was also backed by the auditors that said it was a
fair and reasonable basis. (Elliott and Elliott, 2005). When the take-over went ahead and the GEC directors took control of the company,
and the accounts the ?10 million profit turned into a $4.5 million loss (Elliot and Elliott, 2005). There were some changes in circumstances accounted for some of this loss,
an AEI factories was closed at a loss of ?5 million, but this still left a massive ?9.5 million to be accounted for (Elliott and Elliott, 2005).
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