Question

for what purpose ASB was set up​

Answer 1

Answer:

On 21st April 1977, the Institute of Chartered Accountants of India as the premier accounting body in our country, set up “Accounting Standard Board” (ASB) to harmorize the diverse accounting policies and practice prevalent in our country. The primary duty of ASB is to formulate the accounting standards for India

Answer 2

Answer:

On 21st April 1977, the Institute of Chartered Accountants of India as the premier accounting body in our country, set up “Accounting Standard Board” (ASB) to harmorize the diverse accounting policies and practice prevalent in our country. The primary duty of ASB is to formulate the accounting standards for India.