How does the ASB decide what subjects to add to its agenda?
In the ASB’s early years its agenda for new standards was influenced by the legacy of unfinished projects it inherited from its predecessor body and the need to take resolute action to clean up the inadequacies revealed by the accounting scams of the 1980s. In other words, some of the early standards were of the nature of anti-abuse regulation. In recent years, however, the ASB’s work has been driven largely by the need to get ahead of the agenda of the International Accounting Standards Committee, to enable the views of the business community in the UK and the Republic of Ireland to be properly represented and taken account of in the international debates in which the ASB participates. However, the ASB remains sensitive to the need to deal with important domestic issues that are of no international interest: an example is the development, and issue in 1998, of a mandatory Application Note to FRS 5, giving guidance on the treatment of Private Finance Initiative and similar contracts.
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