Accounting Standards Board

UK body that sets accounting standards. It is recognised for that purpose under the Companies Act 1985 and took over the task of setting accounting standards from the Accounting Standards Committee (ASC) in 1990. The ASB also collaborates with accounting standards setters from other countries and the International Accounting Standards Board (IASB) both in order to influence the development of international standards and in order to ensure that its standards are developed with due regard to international developments. It's a subsidiary of the Financial Reporting Council (FRC).