The UNIVERSITY of GREENWICH 1 September 2009 L3b Audit and assurance J. E. Spencer-Wood Auditing and assurance Lecture 3b Regulatory Accounting Bodies.

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the UNIVERSITY of GREENWICH 1 September 2009 L3b Audit and assurance J. E. Spencer-Wood Auditing and assurance Lecture 3b Regulatory Accounting Bodies – UK and RoI (Hong Kong SAR, Malaysian and Singaporean institutions may study equivalent auditing bodies of their countries)

the UNIVERSITY of GREENWICH 2 September 2009 L3b Audit and assurance J. E. Spencer-Wood 1970ASSC (ICAEW) 1971ASC (5 main bodies) 1976ASC reconstituted as a committee of the CCAB* 1990ASB replaced ASC 2003New ASB under the FRC * CCAB = ACCA, CIPFA, CIMA, ICAEW, ICAI, ICAS Accounting Standards (UK and Ireland) - History

the UNIVERSITY of GREENWICH 3 September 2009 L3b Audit and assurance J. E. Spencer-Wood The Financial Reporting Council The Auditing Practices Board (APB) The Accounting Standards Board (ASB) The Financial Reporting and review panel (FRRP) The Professional Oversight Board (POB) The Investigation and Discipline Board (IDB) The Board for Actuarial Standards (BAS) The Financial Reporting Council

the UNIVERSITY of GREENWICH 4 September 2009 L3b Audit and assurance J. E. Spencer-Wood The Accounting Standards Board ASB UITF  Urgent Issues Task Force Others  PSNFPC –Public Sector & not for Profit Committee  FSSIC –Finance Sector & Specialist Industries Committee

the UNIVERSITY of GREENWICH 5 September 2009 L3b Audit and assurance J. E. Spencer-Wood Accounting Standards Board The ASB issues: Discussion drafts (DD) Financial Reporting Exposure Drafts (FRED) Financial Reporting Standards (FRS) The ASC issued SSAP’s The UITF issues: UITF Abstracts

the UNIVERSITY of GREENWICH 6 September 2009 L3b Audit and assurance J. E. Spencer-Wood Worldwide - Accounting Standards International Accounting Standards Committee Foundation International Accounting Standards Board (IASB)  Trustees / independent body  Formally the IASC International Financial Reporting Interpretations Committee (IFRIC)  Formally the Standing Interpretations Committee (SIC) Standards Advisory Council

the UNIVERSITY of GREENWICH 7 September 2009 L3b Audit and assurance J. E. Spencer-Wood The IASB issues: Issue International Financial Reporting Standards (IFRS) (Using a process of Exposure drafts (ED’s) and Discussion papers (DP’s) The IASC issued International Accounting Standards (IAS) The IFRIC issues: Issues ‘interpretations’ The SIC issued ‘interpretations’ (SIC) Worldwide - Accounting Standards

the UNIVERSITY of GREENWICH 8 September 2009 L3b Audit and assurance J. E. Spencer-Wood British Isles - Major accounting bodies ACCA** ICAEW** ICAI** CCAB ICAS** CIMA ** RSB and RQB CIPFA* *RQB

the UNIVERSITY of GREENWICH 9 September 2009 L3b Audit and assurance J. E. Spencer-Wood Further information ASB CIMA - x.htm x.htm IASB MASB Singapore ASC -