Your managing director has approached you saying that he is ‘confused at all the different accounting bodies that have replaced the old Accounting Standards Committee’.

You are required to draft a memorandum to your managing director explaining the purpose, a description of the type of work and, where applicable, examples of the work to date of the following:

(a) Financial Reporting Council (3 marks)

(b) Accounting Standards Board (4 marks)

(c) Financial Reporting Review Panel (5 marks)

(d) Urgent Issues Task Force (3 marks)

CIMA, Advanced Financial Accounting, May 1993 (15 marks)