- 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 relevant provisions of various statutes, such as, Companies Act 2013, Limited Liability Partnership Act, 2008;
- To issue Accounting Standards for entities other than those covered under 2(a) above.
- 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, train the trainers programs, and certificate course/ diploma course on Ind AS in India and abroad.
- To co-ordinate with various Committees of the ICAI with regard to various issues in Accounting and Accounting Standards.
- 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.