IGNOU BCOC 131 2026 2027 - Describe the procedure of issuing Accounting Standards in India

Question

Describe the procedure of issuing Accounting Standards in India

05 Aug 2026

Answer :

Word Count : 477

Accounting Standards in India are issued through a systematic procedure designed to ensure uniformity, reliability, comparability and transparency in financial reporting. The responsibility for formulating Accounting Standards rests primarily with the Institute of Chartered Accountants of India (ICAI), through its Accounting Standards Board (ASB). The process involves research, consultation, consideration of practical difficulties and approval by the competent authorities. The procedure begins with the identification of an accounting issue that requires standardisation. The ASB considers the need for a new Accounting Standard or revision of an existing one by examining developments in business practices, changes in legislation, emerging accounting problems and the requirements of users of financial statements. The Board also considers the standards issued by international bodies such as the International Accounting Standards Board (IASB), wherever relevant. After identifying the subject, the ASB undertakes detailed research and study. It examines existing accounting practices in India, relevant legal provisions and international accounting principles. Expert opinions and technical

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