The Accounting Standards Committee (ASC) was a joint committee established in 1976 to create and issue accounting standards in the UK. It was later replaced by the Accounting Standards Board (ASB) due to concerns about its effectiveness.
Charity accounts are the financial records of a charitable organization, highlighting both receipts like donations and expenditures like grants. They must comply with specific regulations depending on legal structure and size, including directives set by the Charities Act 2011 and Statements of Recommended Practice (SORPs) issued by the Charity Commission.
The Statement of Recommended Practice (SORP) provides guidance on accounting standards and practices for specific industries and sectors.
A non-mandatory statement dealing with accounting topics relevant to a particular industry or sector in the UK, issued by recognized bodies within those industries and approved by the Financial Reporting Council (FRC).
