Urgent Issues Task Force (UITF)
A sub-committee of the former Accounting Standards Board ( www.practicallaw.com/A34579) (ASB) that was set up to deal with urgent accounting issues on an ad hoc basis. UITF consensuses were published in the form of UITF Abstracts. On 2 July 2012, the Financial Reporting Council (FRC) ( www.practicallaw.com/7-107-5755) became the prescribed body for issuing UK accounting standards.
For further information, see Practice note, Accounting standards ( www.practicallaw.com/5-379-8026) .