Definition
The Consultative Committee of Accountancy Bodies (CCAB) is a committee established in 1970 by six main accountancy bodies in the UK and Ireland to promote closer collaboration. Initially instrumental in the standard-setting process through the Accounting Standards Committee, the CCAB’s role evolved after the establishment of the Accounting Standards Board and the Financial Reporting Council. It remains active in addressing various financial accounting and reporting issues.
Examples
- Standard-Setting Collaboration: In the 1970s, the CCAB played a critical role in the creation and maintenance of accounting standards before the Accounting Standards Board was formed.
- Policy Advocacy: The CCAB actively participates in consultations with government bodies and regulators on financial reporting and accounting policies.
- Educational Initiatives: Providing forums and platforms for the continuing education and professional development of accountants.
Frequently Asked Questions
What is the purpose of the CCAB?
The primary purpose of the CCAB is to promote collaboration among the leading accountancy bodies in the UK and Ireland and to address significant issues in financial accounting and reporting.
Which organizations were initially involved in the CCAB?
The CCAB was initially composed of six main accountancy bodies in the UK and Ireland. These were the ICAEW, ICAS, ICAI, ACCA, CIPFA, and CIMA.
What changed after the establishment of the Accounting Standards Board in 1990?
After the establishment of the Accounting Standards Board and the Financial Reporting Council, the CCAB’s direct role in standard-setting was diminished. However, it remains active in other key financial accounting matters.
Why did the Chartered Institute of Management Accountants (CIMA) withdraw from the CCAB?
CIMA withdrew from the CCAB in 2011 to better focus on its priorities and initiatives independently.
Does the CCAB still influence financial reporting and accounting standards?
Yes, the CCAB continues to influence financial reporting and accounting standards through its active participation in consultations and by fostering discussion among the member bodies.
Related Terms
Accounting Standards Committee (ASC)
The ASC was a committee responsible for developing accounting standards in the UK before the establishment of the Accounting Standards Board.
Accounting Standards Board (ASB)
Formed in 1990, the ASB is responsible for setting accounting standards in the UK, succeeding the role of the ASC.
Financial Reporting Council (FRC)
The FRC is the national regulator responsible for promoting transparency and integrity in business, overseeing the creation and application of accounting standards and regulating accountants and auditors.
Chartered Institute of Management Accountants (CIMA)
CIMA is a professional body of management accountants operating globally, which focuses on the disciplines of management accounting and provides the Chartered Global Management Accountant (CGMA) designation.
Online References
- Financial Reporting Council (FRC) official website
- Accounting Standards Board information at ICAEW
- Consultative Committee of Accountancy Bodies (CCAB) official website
Suggested Books for Further Studies
- “Financial Accounting and Reporting” by Barry Elliott and Jamie Elliott
- “International GAAP 2021” by Ernst & Young LLP
- “Accounting, Finance and Taxation in the Gulf Countries” edited by W. Abdallah
- “Accounting Theory: Conceptual Issues in a Political and Economic Environment” by Harry I. Wolk, James L. Dodd, John J. Rozycki
Accounting Basics: “Consultative Committee of Accountancy Bodies” Fundamentals Quiz
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