Question

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

• A. Standards Board of Accounting (SBA)
• B. Accounting Standards Board (ASB)
• C. Accounting Standards Committee (ASC)
• D. Accounting Committee (AC)

Answer 1

The correct option is B Accounting Standards Board (ASB)

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.