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Accounting standard board was established in A (1971) B (1990) C (1977) D (1980)?
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Accounting standard board was established in A (1971) B (1990) C (1977...
Accounting standard board was established in 21 april 1977 therefore C.is correct option.
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Accounting standard board was established in A (1971) B (1990) C (1977...
Accounting Standard Board Establishment
The Accounting Standard Board was established in:
- A. 1971
- B. 1990
- C. 1977
- D. 1980
Explanation
The correct answer is C. The Accounting Standard Board was established in 1977.
Details
The Accounting Standard Board (ASB) was established in India in 1977 as a statutory body under the Companies Act, 1956. Its objective was to formulate accounting standards and to monitor and promote their implementation. The ASB is now a part of the Institute of Chartered Accountants of India (ICAI) and is responsible for formulating and issuing accounting standards in India.
Role of ASB
The role of the ASB is to:
- Formulate accounting standards for Indian companies
- Ensure that accounting standards are followed by Indian companies
- Update accounting standards to reflect changes in accounting practices
- Provide guidance to companies on the implementation of accounting standards
- Conduct research on accounting issues and provide recommendations to the government and other regulatory bodies
Conclusion
The Accounting Standard Board was established in India in 1977 to formulate accounting standards and to promote their implementation. The ASB plays a critical role in ensuring that Indian companies follow accounting standards and that these standards are updated to reflect changes in accounting practices.
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Accounting standard board was established in A (1971) B (1990) C (1977) D (1980)?
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Accounting standard board was established in A (1971) B (1990) C (1977) D (1980)? for Commerce 2024 is part of Commerce preparation. The Question and answers have been prepared according to the Commerce exam syllabus. Information about Accounting standard board was established in A (1971) B (1990) C (1977) D (1980)? covers all topics & solutions for Commerce 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for Accounting standard board was established in A (1971) B (1990) C (1977) D (1980)?.
Accounting standard board was established in A (1971) B (1990) C (1977) D (1980)? for Commerce 2024 is part of Commerce preparation. The Question and answers have been prepared according to the Commerce exam syllabus. Information about Accounting standard board was established in A (1971) B (1990) C (1977) D (1980)? covers all topics & solutions for Commerce 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for Accounting standard board was established in A (1971) B (1990) C (1977) D (1980)?.
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