‘The effective working of the financial aspects of a market economy rests on the validity of the underlying premises of integrity in the conduct of business and reliability in the provision of information.

Even though in the great majority of cases that presumption is wholly justified, there needs to be strong institutional underpinning.

‘That institutional framework has been shown to be inadequate. The last two to three years have accordingly seen a series of measures by the financial and business community to strengthen it.

Amongst these has been the creation of the Financial Repor ting Council and the bodies which it in turn established.’35 Discuss the above statement with par ticular reference to one of the following institutions:

Accounting Standards Board, Financial Repor ting Review Panel, Urgent Issues Task Force. Illustrate with reference to publications or decisions from the institution you have chosen to discuss.