Procedure for Issuing Accounting Standards
1.
Accounting Standard Board (ASB) determines the
broad areas in which Accounting Standards need to be formulated.
2.
In the preparation of AS, ASB is assisted by
Study Groups.
3.
ASB also holds discussions with representative
of Government, Public Sector Undertakings, Industry and other organizations
(ICSI/ICWAI) for ascertaining their views.
4.
An exposure draft of the proposed standard is
prepared and issued for comments by members of ICAI and the public at large.
5.
After taking into consideration the comments
received, the draft of the proposed standard will be finalized by ASB and
submitted to the council of the Institute.
The council of the Institute will consider the final draft
of the proposed Standard and If found necessary, modify the same in
consultation with ASB. The AS on the relevant subject will then be issued under
the authority of the council.
