Parliamentary Commission on Banking Standards and Generally accepted accounting principles: Difference between pages

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(PCBS).
(GAAP).  


=== Terms of reference ===
The common set of accounting principles, standards and procedures.


The Parliamentary Commission on Banking Standards was established by the UK parliament to:


'''A.''' Consider and report on:
They are a combination of:
* Law
* Published authoritative standards (set by policy boards including the International Accounting Standards Board, the FASB in the US, the FRC in the UK and other national accounting boards) and
* The accepted ways of doing accounting.


# Professional standards and culture in the UK banking sector, taking account of regulatory and competition investigations into the LIBOR rate-setting scandal.
# Lessons to be learned about:
## Corporate governance.
## Transparency.
## Conflicts of interest.
## Their implications for regulation and for UK government policy.


'''B.''' Make recommendations for legislative and other action.
Sometimes also known as Generally Accepted Accounting Practice.
 
__NOTOC__
 
=== Final report ===
 
The Commission's 2013 report was designed to address:
 
# Making the individual responsibility of senior bankers a reality.
# Reinforcing each bank's own responsibility for its own soundness and the maintenance of its standards.
# Creating better functioning and more diverse banking markets.
# Reinforcing regulators' responsibility to exercise judgement in deploying their powers.
# Specifying the responsibilities of the UK government.
 
 
The Commission's report setting out its conclusions and recommendations can be downloaded here:
[[Media:PCBS report June 2013.pdf|PCBS final report June 2013]].
 
Subsequently some of the Commission's proposals were incorporated into the Financial Services (Banking Reform) Act 2013.
 
However a number of areas of concern remain to be implemented effectively.
 
 
====Note====
 
The Association of Corporate Treasurers gave both written and oral evidence to the Commission. Justin Welby, a member of the Commission, was Lord Bishop of Durham on his appointment and became the Archbishop of Canterbury before it reported. A former Treasurer of Enterprise Oil, he is a Fellow of the ACT.  




== See also ==
== See also ==
* [[Banking Standards Review]]
* [[Accounting]]
* [[Culture]]
* [[Accounting standards]]
* [[LIBOR]]
* [[Covenant]]
 
* [[Financial Accounting Standards Board]] (FASB)
 
* [[Financial Reporting Council]] (FRC)
====Other links====
* [[Financial statements]]
[http://www.parliament.uk/bankingstandards UK Parliament: PCBS]
* [[International Accounting Standards Board]]
* [[International GAAP]]
* [[Pension cost]]
* [[Pensions Research Accountants Group]]
* [[US GAAP]]


[[Category:Compliance_and_audit]]
[[Category:Accounting,_tax_and_regulation]]
[[Category:Ethics]]

Latest revision as of 21:42, 29 May 2024

(GAAP).

The common set of accounting principles, standards and procedures.


They are a combination of:

  • Law
  • Published authoritative standards (set by policy boards including the International Accounting Standards Board, the FASB in the US, the FRC in the UK and other national accounting boards) and
  • The accepted ways of doing accounting.


Sometimes also known as Generally Accepted Accounting Practice.


See also

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