![]() ![]() 1977, Iandards Bard (known, sd in Inda,, The Institute of Chartered Accountants of India, constiruted Acco, ASB) with a view to hamonise accounting, policles and,, as,, prac,, he main,, Aunctions of AS.B is to formulate the standarcds atter, taking into consideration, eable laus customs, usages and business environment, The, Aoountng Standards Board is constituted in such a manner that it would,, pReNtanon to all interested parties and thereby ensure participation, Tmulation of standards and their inmplementation, As,, N,, a,, first task,, dovument,, in,, andards.,, to,, explain,, nature and scope of,, January 1970, which,, is,, known,, give,, ot all,, adequ,, concerned,, in,, standards, and procedure the A.S.B. ![]() Its, S e p n developng, formul, accounting within the bounds of rationality and general, acceptance, ACCOUNTING STANDARDS IN INDIA,, n 21st Apnl. Provide Gener, eneraly,, dw,, boundanes within which,, acceptable,, Accepted Accounting principles, rotessionaly, competent onganisations, In order to, be acceptable, it is,, conduct should lie.,, and,, procedures,, as,, In,, othe,, pronoun ced,, that accounting standards shotuld, comm, Ne credibility among the diferentnecessiry, nmand ete, groups using financial statemerts, Aunting Standards suggest rules and cnteria of accounting measurements. ![]()
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