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Question

Accounting standards are issued by the _______.

A
Institute of Cost and Work Accountants of India.
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B
Institute of Chartered Accountants of India.
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C
Ministry of Finance.
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D
Comptroller and Auditor General of India
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Solution

The correct option is A Institute of Chartered Accountants of India.
The Institute of Chartered Accountants of India has issued Accounting Standard to make financial statements from multiple companies comparable.
As all entities follow the same rules, accounting standards make the financial statements credible and allow for more economic decisions based on accurate and consistent information
The ICAI has
issued 32 Accounting Standards so far, out of which 29 are notified by Central Government.


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