... replace the original Accounting Standards Committee (ASC)> The Financial Reporting Council (FRC) The FRC provides a general policy function and oversees the accounting standard setting, giving guidance and support to the Accounting Standards Board in developing financial information in the correct manner and advising on broad policy issues. The FRC has two operational bodies-the Accounting Standards Board (ASB) and the Financial Reporting Review Panel (FRRP).> The Accounting Standards Board (ASB) From its outset in 1990, the ASB has been responsible for issuing accounting standards, recognised under the Companies Act 1985 The aims of the ASB are to provide a lawful framework for financial accounts through the setting of standards, the focus being to work on the concept of principles rather than detailed rules. The ASB have developed a 'Statement of Principals for Financial Reporting' in order to define specific and consistent accounting standards.> The Financial Reporting Review Panel (FRRP) The FRRP is an independent body ...

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