Question

the apex body laying down accounting standard globally is

Answer 1

International accounting standards board.

Answer 2

The National Advisory Committee on Accounting Standards (NACAS) is a body that exhorts the Center on the detailing and setting down of the bookkeeping strategy and models for selection by organizations.  

At their gathering with NACAS, the three peak chambers namely Assocham, FICCI, and CII needed the usage of this new income standard (Ind AS 115) to be conceded, sources said.  

The primary ground for looking for suspension was the vulnerability around Ind AS 115 in the wake of the “International Accounting Standards Board” (IASB) putting off the execution of IFRS 15 (likeness Ind AS 115) by one year to January 1, 2018.