GK
ACCOUNTING
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Government of India
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Institute of Chartered Accountants of India
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Institute of Company Secretaries of India
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Institute of Cost and Works Accountants of India
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Detailed explanation-1: -1.1 The Institute of Chartered Accountants of India (ICAI), recognising the need to harmonise the diverse accounting policies and practices in use in India, constituted the Accounting Standards Board (ASB) on 21st April, 1977.
Detailed explanation-2: -The technical standards issued by ICAI include Accounting Standards, Engagement, and Quality Control Standards, Standards on Internal Audit, Corporate Affairs Standard, Accounting Standards for Local Bodies, etc.
Detailed explanation-3: -ICAI’s AS-1: Disclosure of Accounting Policies AS-1 of ICAI deals with disclosing significant accounting policies applied in preparing and presenting financial statements in a supplementary statement/notes to permit meaningful comparison of financial statements of different enterprises/periods.