Question

In India, the Accounting Standards are managed by the Institute of Charter
Accountants of India through:
Ministry of Corporate Affairs
Accounting Board
Accounting Standard board
Financial Reporting Board​

Answer 1

Explanation:

The affairs of the ICAI are managed by a Council in accordance with the provisions of the Chartered Accountants Act, 1949 and the Chartered Accountants Regulations, 1988.

Answer 2

ACCOUNTING STANDARDS BOARD

In India, the accounting standards are managed by the institute of charter accountants of India through - Accounting Standard Board.

GETTING TO KNOW MORE ABOUT ACCOUNTING STANDARD BOARDS:

* The Institute of Chartered Accountants of India (ICAI), our country's leading accounting organisation, established the "Accounting Standard Board" (ASB) on April 21, 1977, to harmonise the country's disparate accounting regulations and practises.

* The ASB's major responsibility is to develop Indian accounting standards. These criteria might be set by the Institute's Council in India. The ASB took into account the applicable laws, usages, customs, and the business climate in our nation while developing accounting standards.

* ASB gathered valuable input and guidance from many industrial enterprises, the government, and other interested parties for this goal.