Procedure for Issuing Accounting Standards (AS) in India.
The Institute of Chartered Accountants of India (ICAI) recognized the need to harmonize the diverse accounting policies and practices at present in use in India, constituted an Accounting Standards Board (ASB) on 21st April, 1977.
Procedure for Issuing AS
ASB shall determine the broad area in which Accounting Standards need to be formulated.
In the preparation of Accounting Standards, ASB will be assisted by Study Groups & provision will be made for wide participation by the members of ICAI and others. AS13 will also hold–a dialogue with the representative of the Government, Public sector undertakings, industry and other organisations for getting their views.
On the basis of the work of the study groups and the dialogue with the organisation referred to above, an expobure draft of the proposed standard will be prepared and issued for comments by members of the institute and the public at large.
After taking into consideration the comments received, the exposure draft is finalised by the ASB and submitted to the council of the Institution.
The council considers the final draft and on approval of the council, an accounting standard is issued under the authority of the council of the ICAI
