Accounting Standards
The Accounting Standards Board (ASB) is responsible for the development of Accounting Standards in the UK. It also collaborates with standard setters from other countries, along with the International Accounting Standards Board (IASB), in order to influence the development of international standards. Accounting standards apply to all companies, and other kinds of entities that prepare accounts that are intended to provide a true and fair view.
The ASB is autonomous in its role in issuing standards although it is normal practice to consult widely on all its proposals.
Co‑operativesUK has its own Performance & Accounting Standards Committee (PASC), which engages with the ASB & IASB on accounting standards issues of concern to its co‑operative membership. As part of its role they will also advise and issue recommendations of best practice in co‑operative accounting. Performance monitoring is now also a major part of the committee's role and each year the Performance Monitor will provide directors with an indication of how their society complies with a number of PASC recommendations.
If you have any questions regarding PASC and its work, please contact us here.