Question

Procedure for issue of accounting standards in india

Answer 1

Procedure for Issuing Accounting StandardsProcedure for Issuing Accounting Standards1.       Accounting Standard Board (ASB) determines the broad areas in which Accounting Standards need to be formulated.2.       In the preparation of AS, ASB is assisted by Study Groups.3.       ASB also holds discussions with representative of Government, Public Sector Undertakings, Industry and other organizations (ICSI/ICWAI) for ascertaining their views.4.       An exposure draft of the proposed standard is prepared and issued for comments by members of ICAI and the public at large.5.       After taking into consideration the comments received, the draft of the proposed standard will be finalized by ASB and submitted to the council of the Institute.
The council of the Institute will consider the final draft of the proposed Standard and If found necessary, modify the same in consultation with ASB. The AS on the relevant subject will then be issued under the authority of the council.

Answer 2

Answer:

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