Formation of the Accounting Standards Board

The Institute of Chartered Accountants of India (ICAI) constituted the Accounting Standards Board (ASB) on 21st April, 1977 ) to harmonise the diverse accounting policies and practices in use in India. ASB of the ICAI has been issuing accounting standards since then. It has issued 32 Accounting Standards and 29 Accounting Standards Interpretations so far. “AS 8- Accounting for Research and Development” has been withdrawn, therefore there are 31 Accounting Standards in effect currently. ASB takes into consideration the applicable laws, customs, usages and business environment prevailing in the country. It also gives due consideration to International Accounting Standards (IASs) and tries to integrate them, to the extent possible, in the light of conditions and practices prevailing in India.