CA Inter P1 · Chapter 1 · Question 6 of 8
Within ICAI, which body is responsible for formulating Accounting Standards (AS) that are subsequently notified for companies under the Companies Act, 2013?
Test yourself: pick an answer
Reveal answer & explanation
Correct answer: B) The Accounting Standards Board (ASB)
Explanation
The Accounting Standards Board of ICAI formulates Accounting Standards after considering the applicable laws, customs and business environment in India. The AASB issues auditing standards, the Board of Studies handles education, and the FRRB reviews published financial statements for compliance; none of these formulates accounting standards.
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