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An summary of the historical past and development of UK accounting requirements and knowledge on how you can obtain the current requirements. This timeline highlights among the key dates in the improvement of UK accounting requirements from the nineteen forties to the present. The first ‘Recommendations on Accounting Rules' were revealed in December 1942 on the themes of Tax Reserve Certificates and Battle Damage Contributions, Premiums and Claims. These suggestions, and those who adopted, provided members of ICAEW with early steering on accounting observe. On 29 April 1970 the ICAEW published the Survey of Revealed Accounts, 1968-69 which highlighted the persevering with diploma of variation in accounting therapies in use presently.

The ICAEW established the Accounting Requirements Steering Committee in January 1970 with ‘the object of developing definitive requirements for monetary reporting' (‘Historical past of the Accounting Requirements Committee', Accounting Requirements). The ASC became a ‘joint committee of the six member bodies who then acted collectively by the Consultative Committee of Accountancy Bodies' (Introduction, Accounting Requirements 2006/07).

In 2004 the federal government took the decision to strengthen the regulatory system within the UK following the key corporate collapses within the US. This led to the FRC's position being extended to develop into the only independent regulator of the accounting and auditing profession in addition to being responsible for issuing accounting requirements and coping with their enforcement.

The Irish and Scottish institutes turned members of the Accounting Requirements Steering Committee in the identical 12 months, followed by the Affiliation of Certified Accountants (now the ACCA) and the Institute of Cost and Management Accountants (now CIMA) in 1971. The primary Statement of Standard Accounting Observe (SSAP) on Accounting for the outcomes class of associated companies (SSAP 1) was issued in January 1971. In 1976 the name of the Accounting Standards Steering Committee (ASSC) was shortened to the Accounting Requirements Committee (ASC) and its structure was revised. All accounting requirements developed by the ASB from 1990 were issued as Financial Reporting Requirements (FRS).

The final report The making of accounting requirements: Report of the Review Committee (published in September 198 cool really helpful the institution of the Monetary Reporting Council, the Accounting Standards Board and the Evaluate Panel. The FRC was charged with promoting good monetary reporting by means of two subsidiary bodies: the Accounting Requirements Board, which replaced the ASC on 1 August 1990, and the Financial Reporting Overview Panel (FRRP).