Accounting standards: The Accounting Standards Board (ASB) was

The Accounting Standards Board (ASB) was constituted by the ICAI in 1977 with a view to formulate Accounting Standards to provide a sound, reliable and high-quality accounting , and financial reporting system and to harmonise the diverse accounting policies and practices in India. The ASB, since its inception, has been constantly working in this direction by formulating new Accounting Standards as well as revising the existing Accounting Standards from time to time with the objective to bring ... Explore the objectives, compliance requirements, and classification criteria of Accounting Standards in India, ensuring reliability and comparability of financial statements. Accounting standards form the foundation of financial reporting. They ensure transparency, comparability, and reliability across companies and countries — enabling investors, regulators, and stakeholders to make informed decisions. This article provides a comprehensive overview of the six major accounting frameworks, a detailed comparison, and information on both suspended and upcoming standards . The Accounting Standards Board (ASB) tatives fr IRDA, MCA. Takes into consideration “ Accounting Standards ” at International level and sets National Standards based on the same, ensuring that the Accounting Standards are broadly aligned to Global Accounting principles.