This document establishes the legal framework for the recognition of accounting standards within the United Kingdom as mandated by the Companies Act 1989. The regulations are issued by the British government to define the specific body authorized to issue accounting standards, thereby ensuring consistency and compliance in corporate financial reporting. It serves as a foundational legislative instrument for the regulation of professional accounting practices during the 1990 period.

Legal professionals and accounting historians utilize this text as a primary source for understanding the evolution of UK financial regulation. It is considered a technical legislative document rather than a manual for practitioners.