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Which body constituted by the ICAI is responsible for formulating Accounting Standards in India?
ANFRA
BICAI Council directly
CSEBI
DAccounting Standards Board (ASB)
Answer & Solution
Correct answer: D. Accounting Standards Board (ASB)
1. Step 1: ICAI constituted the Accounting Standards Board (ASB) in 1977.
2. Step 2: ASB considers international standards (IAS/IFRS) and frames ASs for India.
3. Step 3: Hence (B) is correct.
_Source: ICAI BoS CA Inter Paper 1, Ch 1 "Introduction to Accounting Standards"_
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