The ASB is a UK standard-setting body set up in 1990 manage the use of accounting standards. Its declared aims are to â€˜establish and improve standards of financial accounting and reporting, for the benefit of users, preparers and auditors of financial informationâ€(tm). . Accounting standards developed by the ASB are contained in 'Financial Reporting Standards' (FRSâ€(tm)s). The ASB collaborates with accounting standard-setters from other countries and the International Accounting Standards Board (IASB) in order to ensure that its standards are developed as far as possible to be consistent from country to country.