What is the procedure to issue accounting standards in india?
Answers
Broadly, the following procedure will be adopted for formulating Accounting Standards:
ASB shall determine the broad areas in which Accounting Standards need to be formulated and ‘priority in regard to the selection thereof.
In the preparation of Accounting Standards, ASB will be assisted by Study Groups constituted to consider specific subjects. In the formation of Study Groups, provision will be made for wide participation by the members of the institute and others.
ASB will also hold a dialogue with the representatives of the Government, Public Sector Undertakings. Industry and other Organisations for ascertaining their views.
On the basis of the work of the Study Groups and the dialogue with the organisation, an exposure draft of the proposed standard will be prepared and issued for comments by members of the Institute and the public at large.