Question

Accounting Standards in India are issued by _________________.

• A. The Board of Studies - ICAI
• B. The Accounting Standards Board-ICAI
• C. The Expert Advisory Committee - ICAI
• D. The International Accounting Standards Committee (IASC)

Answer 1

The correct option is B The Accounting Standards Board-ICAI

The Institute of Chartered Accountants of India (ICAI) constituted the Accounting Standards Board (ASB) on 21st April, 1977 ) to harmonise the diverse accounting policies and practices in use in India.

ASB of the ICAI has been issuing accounting standards.

Since then, it has issued 32 Accounting Standards so far.