Accounting Standards Board (ASB)

AFM Definition, Scope & Accounting Standards including Ind AS Free JAIIB Capsule 67 views Updated
Capsule FREE
AFM · Definition, Scope & Accounting Standards including Ind AS
In India, which body was constituted to harmonise diverse accounting policies and practices, and in which year was it established?
Tap to flip and reveal the answer
The Institute of Chartered Accountants of India (ICAI) constituted the Accounting Standards Board (ASB) on 21st April, 1977.
The main function of ASB is to formulate accounting standards so that the council of ICAI may mandate them.
67 views

Accounting Standards Board (ASB) — Full Text

In India, which body was constituted to harmonise diverse accounting policies and practices, and in which year was it established?

Answer

The Institute of Chartered Accountants of India (ICAI) constituted the Accounting Standards Board (ASB) on 21st April, 1977.

Additional notes

The main function of ASB is to formulate accounting standards so that the council of ICAI may mandate them.

Part of Accounting & Financial Management for Bankers · Definition, Scope & Accounting Standards including Ind AS · Last updated

Comments (0)

Login to post a comment.

No comments yet. Start the discussion!

Related JAIIB AFM Capsules

Capsule PRO
When an organization runs a specific safety drive or a middle-management training course, what type of budget is used?
Programme Budgeting. It is prepared for a specific activity or program, detailing targets, revenues, and expenditures for that event only.
Capsule PRO
What is the composition and primary role of the Budget Committee in a large firm?
Composed of representatives from various departments, it coordinates, finalizes, and assumes overall responsibility for the master budget.
Capsule PRO
In the context of implementing budgetary control, what constitutes a 'Budget Centre'?
It is a specific section of the organization with clearly defined functions, for which a separate budget is prepared and controlled.
Capsule FREE
What is the most widely accepted definition of Accounting given by the American Institute of Certified Public Accountants (AICPA)?
It is the art of recording, classifying and summarising in a significant manner and in terms of money, transactions of a financial character.
Capsule PRO
What is the purpose of the 'Budget Manual' distributed within a company?
It is a rulebook detailing instructions, guidelines, responsibilities, and timelines for preparing and using budgets across the organization.
Capsule PRO
How does a financial budget conceptually differ from a simple financial forecast?
A forecast is an assessment of probable future events. A budget is a planned operating and financial goal that implies commitment to achieve it.
App Icon
Install ClearShorts App
Study offline, anytime