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History and development This timeline highlights some of the key dates in the development of UK accounting standards from the 1940s to the present. To find out more, take a look at our suggestions for further reading. 1942 The Taxation and Financial Relations (T&FR) Committee of the ICAEW was established in 1942 and was asked by the council of the ICAEW to ‘consider and make recommendations to [the council] on certain aspects of the accounts of companies’ and to publish ‘approved recommendations for the information of members’ (The Accountant, 12 December 1942). The first ‘Recommend...

BLM00020 - Introduction: Leasing: Introduction to accounting standards You should check the other guidance available on GOV.UK from HMRC as Brexit updates to those pages are being prioritised before manuals. The guidance that follows is not intended to give comprehensive coverage of all aspects of lease accounting.  The guidance aims to give an overview to allow an understanding of commonly found features in lessors’ and lessees’ accounts.  You should initially refer any specific accounting issues not covered in the guidance to your advisory accountant. There are two acceptable accounti...