applicable accounting standards
Under the Companies Act 1985, as amended by the Companies Act 1989, the accounts of all companies other than small or medium-sized companies have to state whether they have been prepared in accordance with applicable accounting standards and disclose any material departures from them. The Accounting Standards Board (ASB) has authority to issue these standards, known as Financial Reporting Standards (FRSs). However, the ASB has adopted all the pre-existing Statements of Standard Accounting Practice (SSAPs) issued by its predecessor body, the Accounting Standards Committee. The Urgent Issues Task Force of the ASB issues Abstracts, which are consensus pronouncements on matters which do not require a full accounting standard or where a matter is particularly topical or pressing. Applicable accounting standards comprise all extant FRSs and Abstracts together with those SSAPs which have not been withdrawn or replaced by FRSs.
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Practical Law Dictionary. Glossary of UK, US and international legal terms. . 2010.

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