To conceive of and suggest areas in which Accounting Standards need to be developed.
To formulate Accounting Standards with a view to assisting the Council of the ICAI in evolving and establishing Accounting Standards in India.
To examine how far the relevant International Financial Reporting Standards can be adapted while formulating the Accounting Standard and to adapt the same.
To review, at regular intervals, the Accounting Standards from the point of view of acceptance or changed conditions, and, if necessary, revise the same.
To provide, from time to time, interpretations and guidance on Accounting Standards.
To proactively participate with the national and international bodies engaged in the Standard-setting process, such as, sending comments on various consultative papers such as Exposure Drafts, Discussion Papers etc., issued by International Accounting Standards Board and various other international bodies such as Asian-Oceanian Standard-Setters Group(AOSSG).
To carry out such other functions relating to Accounting and Accounting Standards.
Secretary to the Board: CA. Vidhyadhar Kulkarni, Technical Consultant
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