Composition of the Accounting Standards Board

The composition of the ASB is fairly broad-based and ensures participation of all interest-groups in the standard setting process. Apart from the elected members of the Council of the ICAI nominated on the ASB, the following are represented on the ASB:

(i) Nominee of the Central Government representing the Department of Company Affairs on the Council of the ICAI

(ii) Nominee of the Central Government representing the Office of the Comptroller and Auditor General of India on the Council of the ICAI

(iii) Nominee of the Central Government representing the Central Board of Direct Taxes on the Council of the ICAI

(iv) Representative of the Institute of Cost and Works Accountants of India

(v) Representative of the Institute of Company Secretaries of India

(vi) Representatives of Industry Associations (1 from Associated Preface to the Statements of Accounting Standards 3 Chambers of Commerce and Industry (ASSOCHAM), 1 from Confederation of Indian Industry

(CII) and 1 from Federation of Indian Chambers of Commerce and Industry (FICCI)

(vii) Representative of Reserve Bank of India

(viii) Representative of Securities and Exchange Board of India

(ix) Representative of Controller General of Accounts

(x) Representative of Central Board of Excise and Customs

(xi) Representatives of Academic Institutions (1 from Universities and 1 from Indian Institutes of Management)

(xii) Representative of Financial Institutions

(xiii) Eminent professionals co-opted by the ICAI (they may be in practice or in industry, government, education, etc.)

(xiv) Chairman of the Research Committee and the Chairman of the Expert Advisory Committee of the ICAI, if they are not otherwise members of the Accounting Standards Board

(xv) Representative(s) of any other body, as considered appropriate by the ICAI