ASB stands for:
AAccounting Standards Board
BAudit Standards Board
CAccounting Standards Body
DAllied Standards Bureau
Answer & Solution
Correct answer: A. Accounting Standards Board
1. Step 1: ASB = Accounting Standards Board, constituted by ICAI in 1977.
2. Step 2: ASB frames ASs for India in consultation with stakeholders.
3. Step 3: Hence (C).
_Source: ICAI BoS CA Inter Paper 1, Ch 3 "Applicability of Accounting Standards"_