ASB Statements

ASB Statements are definitive pronouncements, but they are not accounting standards and do not contain mandatory accounting requirements.

Statements at present fall into two broad groups:

1. Explanations or descriptions of the ASB's principles and procedures:
   
   • Statement of Aims
   • Foreword to Accounting Standards
   • Foreword to UITF Abstracts
   • SORPs : Policy and Code of Practice
   • Statement of Principles for Financial Reporting

   The rubric at the front of FRSs states that they should be read in the context of the Foreword to Accounting Standards and the Statement of Principles for Financial Reporting currently in issue.

2. Statements designed as a formulation and development of best practice for types of financial reporting that are outside the statutory annual accounts and therefore beyond the scope of accounting standards. Such statements do not have mandatory force but their use is commended by the Financial Reporting Council, the Hundred Group of Finance Directors and the London Stock Exchange.
   • Operating and Financial Review
   • Interim Reports
   • Preliminary Announcements
   • Retirement Benefits: Disclosures