Question

1. Accounting Standards in India are
issued by ?
1 point
O
Institute of Standards of india (ISI).
O Accounting Standards Board if ICAI.
O The Central Government.
O
Option 4​

Answer 1

Accounting Standards in India are

issued by Institute of Chartered Accountants of India

In India, the Accounting Standards Board (ASB) of the Institute of Chartered Accountants of India (ICAI) is responsible for setting accounting standards (AS).

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Answer 2

ANSWER :

Accounting Standards in India are issued by

a) Institute of Standards of india (ISI).

b) Accounting Standards Board.

c) ICAI. ✓

d) The Central Government.

Accounting Standard is issued by ICAI, i.e., Institute of Chartered Accountants of India.

• In India, 32 Accounting Standards have been issued by the Institute of Chartered Accountants of India till March, 2010.

• However, 'Accounting for Research and Development' under Accounting Standard 8 has been withdrawn consequent to the issuance of 'Intangible Assets' under Accounting Standard 26.

Besides the Accounting Standards, the ICAI has issued several statements on Auditing Practices, Guidance Notes to Auditors etc. as a continuous process to improve the qualities of accounting and auditing profession in India.

MORE TO KNOW :

Accounting Standards are the established and accepted models whic aim at providing excellent, adequate and unbiased treatment of accounting transactions/information and reporting the same in the financial statements to facilitate their users in forming rational and judicious decisions.

• According to T.P. Ghosh, "Accounting standards are the policy document issued by the recognized expert accountancy body relating to various aspects of measurement, treatment and disclosure of accounting transactions and events".

• Accounting standards bear an endorsement from a complete authority and they are flexible.