Question

Which of the following organization issues accounting standards in India?
a)
ICWAI
b)
ICAI
c)
SEBI
d)
RBI​

Answer 1

Answer:

Answer: In India, the Accounting Standards Board (ASB) of the Institute of Chartered Accountants of India (ICAI) is responsible for setting accounting standards (AS).20 hours age

Answer 2

ANSWER :

★ b) ICAI

• ✎ ICAI issues accounting standards in India.

• ✎ Accounting Standards on the relevant subject is issued under the authority of the Council of the ICAI (Institute of Chartered Accountants in India).

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KNOW MORE :

In India, there are three authorities that can set and issue Accounting Standards under their repective legislative powers. There three authorities are :

• The Central Government under the Income Tax Act, 1961

• The Central Government under the Companies Act, 2013

• The Council of the Institute of Chartered Accountants of India

Moreover, recognizing the need to harmonize the diverse accounting practices prevalent in India and also to intergrate them with the international accounting practices, the ICAI constituted the Accounting Standards Board (ASB) on 21st April, 1977. The main function of the Accounting Standards Board (ASB) is to formulate Accounting Standards so that such standards may be established by the ICAI in India.