The main role of the UITF is to assist the ASB where unsatisfactory or conflicting interpretations have developed (or seem likely to develop) about a requirement of an accounting standard or the Companies Act. The UITF seeks to arrive at a consensus on the accounting treatment that should be adopted, in such cases, in the context of the ASB's declared aim of relying on principles rather than detailed prescription.
UITF consensuses are published in the form of UITF Abstracts. Compliance with UITF Abstracts is necessary (other than in exceptional circumstances) in accounts that claim to give a true and fair view.
Copies of extant UITF Abstracts can be downloaded from this site.
Information about the UITF's work is published in UITF Information Sheets. Copies of recent Information Sheets can be downloaded from this site.
Further details about the UITF, the authority of UITF Abstracts and the working procedures of the UITF are set out in the Foreword to UITF Abstracts.
Contact: uitf@asb.org.uk
