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What replaced the standalone ASIs after the MCA notified Accounting Standards for companies?
AASIs continued to be issued separately
BThe consensus portion of ASI was merged as Explanation to the relevant paragraph of the AS
CASIs were transferred to NFRA
DASIs were issued only for non-corporate entities
Answer & Solution
Correct answer: B. The consensus portion of ASI was merged as Explanation to the relevant paragraph of the AS
1. Step 1: Per Ch 1, "the consensus portion of ASI was merged as Explanation to the relevant paragraph of the Accounting Standard".
2. Step 2: This applies to ASs notified by MCA AND those issued by ICAI for non-corporates (harmonisation).
3. Step 3: Hence (A) is correct.
_Source: ICAI BoS CA Inter Paper 1, Ch 1 "Introduction to Accounting Standards"_
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