Question

write a short note on accounting standard board set up in india​

Answer 1

Answer:

Recognizing the need to synchronise the various accounting policies and practices, the Institute of Chartered Accountants of India (ICAI) constituted the Accounting Standards Board (ASB) in April 1977. Accounting standards in India are issued by the ICAI and notified by the Union Ministry of Corporate Affairs.

Answer 2

Answer:

The primary duty of ASB is to formulate the accounting standards for India. These standards may be established by the Council of the Institute in India. ... During formulation the accounting standards, the ASB considered the applicable laws, usage, customs and the business environment existing in our country.