Question

Accounting Standards are formulated by *



By planning Commission

By Institute of Chartered Accountants of India

By Companies Act

By Institute of Company Secretaries of India​

Answer 1

Explanation:

Accounting Standards

The Indian Accounting Standards (Ind AS), as notified under section 133 of the Companies Act 2013, have been formulated keeping the Indian economic & legal environment in view and with a view to converge with IFRS Standards, as issued by and copyright of which is held by the IFRS Foundation.Notwithstanding anything contained in the above para, Ind AS notified under the Companies Act 2013 are governed by the provisions of Indian Copyright Act, 1957 and the copyright in Ind AS vests in Government of India.