In India, accounting standards are issued by:
CS Executive · Corporate and Management Accounting · PYQS · December 2022
In India, accounting standards are issued by:
Answer & Explanation:
Correct Answer: Option (A)
Official answer key: (A), (B), (C), (D). Official source note: In India, the expert accounting body to issue accounting standards is ICAI. Therefore, correct option is A. However, The other agencies/regulatory bodies may also prescribe the accounting standard issued by ICAI to be followed. For eg: Central Govt. prescribes accounting standards for companies under Companies Act, 2013, Similarly IRDA and RBI also prescribes accounting standard to be followed by insurance / banking companies. Accordingly, Option B / C / D may also be considered as correct.
Topics: Accounting Standards
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