Question

The Institute of Chartered Accountants of India (ICAI) constituted the Accounting Standards Board (ASB) on _________, with a view to harmonizing the diverse accounting policies and practices in use in India.

• A. $2^{nd}$ Oct, 1977
• B. ${21}^{st}$ April, 1977
• C. ${15}^{th}$ Aug, 1977
• D. ${21}^{st}$ April, 1997

Answer 1

Answer: (B)

${21}^{st}$ April, 1977

The Council of the Institute of Chartered Accountants of India constituted Accounting Standards Board (ASB) on 21st April, 1977 recognising the need for Accounting Standards in India.

In India, Standards of Accounting is issued by the Institute of Chartered Accountants of India (ICAI).

The Council of the Institute of Chartered Accountants of India has so far issued thirty two accounting standards.