financial accounting
... ASB---User needs have been accepted as paramount; qualitative characteristics of information have been specified; the elements of financial statements have been defined precisely; the presentation of financial information has been prescribed; and comparability between companies is seen as desirable. ... Seven groups are identified, but there is only one set of financial statement. ... This suggests that any need of the other groups that is not also a need of the investors will not be met by the financial statement. ... It is a division between those who see the purpose of financial statements as taking economic decisions about the future, and those who see it as a basis for making management accountable and for distributing the rewards among the stakeholders. ... The ASC had little representation from independent user groups, with the majority of its members coming from the accounting profession. ... ASB-- In 1988, The Making of Accounting Standards(the Dearing Report)was established and it has led to fundamental changes in the process of setting and enforcing accounting standards in the United Kingdom. ... As a result, a Financial Reporting Council, drawn from a wide constituency of interests, was set up to guide the standard setting process and to ensure that it is properly financed.