UK Accounting Standards Board (ASB)

The UK Accounting Standards Board (ASB) was an organization responsible for developing and maintaining accounting standards for companies in the UK. Its goal was to ensure financial reports are prepared consistently, accurately, and transparently, helping users like investors and regulators understand companies' financial health. The ASB set rules and guidelines that accountants follow when preparing financial statements. In 2012, its functions were transferred to the Financial Reporting Council (FRC), which now oversees UK accounting standards.