Home › CA Inter › accounting › Accounting Standards Setting in India › In India, who issues Accounting Standards for co…
In India, who issues Accounting Standards for corporates?
AMinistry of Corporate Affairs in consultation with NFRA
BRBI
CSEBI
DIncome Tax Department
Answer & Solution
Correct answer: A. Ministry of Corporate Affairs in consultation with NFRA
1. Step 1: The Ministry of Corporate Affairs (MCA) issues ASs for corporates.
2. Step 2: MCA consults NFRA (National Financial Reporting Authority) per Section 133 of Companies Act 2013.
3. Step 3: Hence (C) is correct.
_Source: ICAI BoS CA Inter Paper 1, Ch 1 "Introduction to Accounting Standards"_