Function and scope of the accounting standards board, Accounting Basics

Assignment Help:

Function and scope of the Accounting Standards Board:

The major function of ASB is to originate accounting standards so that the Council of the Institute in India may set up such type of standards. The foundation is one of the members of the International Accounting Standards Committee (IASC) and has decided to maintain the purposes  of IASC. The Accounting Standards will be subject below the authority of the council.   ASB is also accountable for circulate the Accounting Standards and of persuading the disturbed parties for adopting them in the preparation and presentation of financial statements. ASB will subject management quotes on the Accounting Standards and give illumination on issues arising there from.  ASB is also accountable for reviewing the Accounting Standards at periodical time.


Related Discussions:- Function and scope of the accounting standards board

Suppose you want to have $5, Suppose you want to have $5,000 saved at the e...

Suppose you want to have $5,000 saved at the end of five years. The bank will pay you 2% interest on your money. How much would you have to deposit today to have the $5,000 you w

What is timeliness, Q. What is Timeliness? The Timeliness requires acco...

Q. What is Timeliness? The Timeliness requires accountants to provide accounting information at a time when it perhaps considered in reaching a decision. Usefulness of informat

An asset''s cost includes all normal and reasonable, An asset's cost includ...

An asset's cost includes all normal and reasonable expenditures necessary to get the asset in place and ready for its intended use. 01.) True 02.) False True or Fals

Social media, kind of information you would want to put on social media

kind of information you would want to put on social media

Liabilities, current and non current liabilties

current and non current liabilties

Show journalizing adjusting entries, Q. Show Journalizing adjusting entries...

Q. Show Journalizing adjusting entries? Subsequent to completing Micro Train's financial statements from the work sheet you should enter the adjusting entries in the general jo

One of the underlying assumptions of the eoq model is that, There is a poin...

There is a point where stockholding costs are equivalent to ordering costs

CANADA PENSION PLAN REPORTING REQUIREMENTS ON THE T4, SCENARIO In May of t...

SCENARIO In May of the current year, your employer received a PIER report from the CRA that identified Canada Pension Plan (CPP) contribution deficiencies for employees in the org

Accounting Information Systems, ABC Insurance Company offers individual aut...

ABC Insurance Company offers individual auto and home insurance servicing the East Coast. The company''s home office is located in Albany, New York. However, ABC Insurance Company

Accounting as an information system, As discussing the scope of accounting ...

As discussing the scope of accounting you should have observed here the accounting involves a sequence of activities connected with each other, starting along with the collecting,

Write Your Message!

Captcha
Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd