The ASB established FSOSIC in 1994 as one of two specialist committees to advise it on proposals for Statements of Recommended Practice (SORPs) put forward by specialist bodies developing accounting practice for their sectors.
FSOSIC's membership and terms of reference are as follows.
| Chairman |
| David Loweth |
Technical Director, ASB |
| Members |
| David Cairns |
Visiting Professor, London School of Economics and formerly Secretary General of the IASC |
| Deborah Chesworth |
Manager, Prudential Standards Division Financial Services Authority |
| Julian Hance |
Former Group Finance Director, Royal & SunAlliance Insurance Group plc |
| Rajan Kapoor |
Group Chief Accountant, Royal Bank of Scotland |
| James MacLeod |
Chairman, Martin Currie High Income Trust plc and Collective Assets Trust plc |
| Lynn Pearcy |
Partner, KPMG LLP |
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| Observer |
| David Tyrall |
Director of Accounting, Department for Business, Enterprise and Regulatory Reform |
| Secretary |
| Simon Peerless |
Project Director, ASB |
Terms of reference
- To review applications from relevant bodies seeking to develop SORPs as referred by the ASB and, in the light of the ASB's current policy, to recommend to the ASB whether such bodies should be approved.
- To review SORPs relating to the financial sector or other special industries in the private sector and recommend to the ASB whether to give its statement of negative assurance and, in particular,
- to confirm that the SORPs comply with current accounting standards, the ASB's Statement of Principles, generally accepted accounting practice and the law;
- to confirm that the procedures laid down in the ASB's policy for the development of SORPs have been adhered to; and
- to conduct discussions, on behalf of the ASB, with SORP-making bodies.
- To advise the ASB generally on such matters relating to the financial sector and other special industries in the private sector as the ASB may from time to time request.
