- To conceive of and suggest areas in which Accounting Standards need to be developed.
- To formulate Accounting Standards through a process that is robust, comprehensive, and inclusive with a view to assisting the Council of the ICAI in evolving and establishing Accounting Standards to discharge its role of national standard-setter as follows:
- To recommend Accounting Standards (Indian Accounting Standards (Ind AS) and Accounting Standards (AS)) to Government of India for notification under section 133 of the Companies Act 2013;
- To issue Accounting Standards for entities other than companies incorporated under Companies Act 2013.
- To review, at regular intervals, the Accounting Standards from the point of view of changed conditions, practical challenges and implementation experience of the Accounting Standards, if any, and revise the same appropriately.
- To provide, from time to time, interpretations and guidance to support implementation of Accounting Standards, including publishing education material, guidance notes, technical guides, implementation guide, e-learning tools, etc.
- To take adequate steps to enhance knowledge of the members and other stakeholders for proper implementation of Accounting Standards by conducting workshops, seminars and train the trainers programs.
- To contribute to the development of a single set of high quality globally accepted financial reporting standards for international use by IFRS Foundation.
- To collaborate and develop mutually beneficial partnerships with other national standard-setters and various consultative/advisory forums of IFRS Foundation such as Asian-Oceanian Standard-Setters Group(AOSSG), Emerging Economies Group (EEG), International Forum of Accounting Standard-setters (IFASS), Accounting Standards Advisory Forum (ASAF), IFRS Advisory Council, Financial Accounting Standards Board of US (FASB), European Financial Reporting Advisory Group (EFRAG) etc.
- To carry out such other functions relating to Accounting and Accounting Standards.