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Unformatted text preview: Anglo-American accounting standards
committees, in particular by the FASB. It issues Accounting and Reporting Recommendations
(ARR) which mostly correspond today to International Accounting Standards (IAS).
The distinguishing characteristics of the United Kingdom as an accounting jurisdiction are
that accounting is dominated by a highly organized accounting profession, but that accounting
rules address only limited liability companies and no other commercial entity, and that fiscal
accounting has developed separately from commercial accounting.
Commercial accounting rules are oriented primarily round the needs of large companies listed
on the stock exchange. Financial statements are supposed to give a “true and fair view” of the
financial position of a company.
The current legal instrument ruling the accounting of limited liability companies is the
Companies Act 1985, as amended by the Companies Act 1989. 33 The first recognizable standard-setter in modern terms was the Accounting Standards
Committee (ASC) which issued Statements of Standard Accounting Practice (SSAP). The
current standard-setter is the Acc...
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- Fall '13
- The Land