The UK Accounting Standards Board, 1990-2000: Restoring Honesty and Trust in Accounting

In the late 1980s, British financial accounting was in disarray due to creative accounting and the authority of the industry's standard-setters. This book tells the story of the next decade, the problems the standard-setters faced, the resistance they met, the solutions they developed, and the durability of their work. Innovations they developed have become part of global accounting standards. The book is written in a conversational style and language and will appeal to accountants, students, and anyone interested in how to harness the expertise and support of business regulators without suffering regulatory capture.

Format: Hardback
Length: 254 pages
Publication date: 28 July 2023
Publisher: Taylor & Francis Ltd

In the late 1980s, the financial accounting landscape in Britain was in disarray, marked by widespread use of "creative accounting" practices and a significant decline in the authority of industry standard-setters. The introduction of rules for inflation accounting had initially been ignored by many firms, leading to a loss of trust in the industry's regulatory framework. Calls for government intervention grew louder, with proponents advocating for a strict regulatory regime similar to the American model. Additionally, the rapid changes in the financial industry were giving rise to complex new financial schemes that posed challenges to existing accounting standards.

This book delves into the subsequent decade, exploring the challenges faced by the standard-setters, the resistance they encountered, and the innovative solutions they developed. It sheds light on the durability of their work, as many of the innovations they pioneered have become integral parts of global accounting standards.

The story is presented through the perspectives of three board members, each with extensive experience in accounting. Sir David Tweedie, the Chairman, served as a senior technical partner at a Big 4 audit firm, Allan Cook as an executive in major multinational businesses, and Professor Geoffrey Whittington as an academic board member. The book adopts a conversational format, with Cambridge Professor Geoff Meeks questioning the standard-setters over a period of three years. This approach captures the motivations and events in a more vivid and engaging manner, making it accessible to a broader audience beyond accountants and students interested in the origins of accounting rules.

Furthermore, the book's technical complexity is addressed through a simpler, more informal, and engaging conversational style and language. This makes it accessible to a wider range of readers, including those with limited accounting knowledge or interest in the subject.

In conclusion, this book offers a valuable insight into the history and evolution of financial accounting standards in Britain. It provides a compelling narrative that sheds light on the challenges faced by the standard-setters, the resistance they encountered, and the innovative solutions they developed. By exploring the origins and impact of these standards, the book appeals to a wide range of readers, including accountants, students, policymakers, and anyone interested in the broader implications of accounting practices on society

In the late 1980s, the financial accounting landscape in Britain was in disarray, marked by widespread use of "creative accounting" practices and a significant decline in the authority

In the late 1980s, the financial accounting landscape in Britain was in disarray, marked by widespread use of "creative accounting" practices and a significant decline in the authority industry standard-setters. The introduction of rules for inflation accounting had initially been ignored by many firms, leading to a loss of trust in the industry's regulatory framework. Calls for government intervention grew louder, with proponents advocating for a strict regulatory regime similar to the American model. Additionally, the rapid changes in the financial industry were giving rise to complex new financial schemes that posed challenges to existing accounting standards.

This book delves into the subsequent decade, exploring the challenges faced by the standard-setters, the resistance they encountered, and the innovative solutions they developed. It sheds light on the durability of their work, as many of the innovations they pioneered have become integral parts of global accounting standards.

The story is presented through the perspectives of three board members, each with extensive experience in accounting. Sir David Tweedie, the Chairman, served as a senior technical partner at a Big 4 audit firm, Allan Cook as an executive in major multinational businesses, and Professor Geoffrey Whittington as an academic board member. The book adopts a conversational format, with Cambridge Professor Geoff Meeks questioning the standard-setters over a period of three years. This approach captures the motivations and events in a more vivid and engaging manner, making it accessible to a broader audience beyond accountants and students interested in the origins of accounting rules.

Furthermore, the book's technical complexity is addressed through a simpler, more informal, and engaging conversational style and language. This makes it accessible to a wider range of readers, including those with limited accounting knowledge or interest in the subject.

In conclusion, this book offers a valuable insight into the history and evolution of financial accounting standards in Britain. It provides a compelling narrative that sheds light on the challenges faced by the standard-setters, the resistance they encountered, and the innovative solutions they developed. By exploring the origins.

Weight: 453g
Dimension: 234 x 156 (mm)
ISBN-13: 9781032388151