The standard-setting procedure of Accounting Standards Board cannot be outlined as:

(A) Identification of broad areas by ASB for formulation of AS

(B) Constitution of study groups by ASB to consider specific projects and to prepare preliminary drafts of the proposed Accounting Standards. The draft normally includes objective and scope of the standard, definitions of the terms used in the standard, recognition and measurement principles, wherever applicable, and presentation and disclosure requirements.

(C) Consideration of the preliminary draft prepared by the study group of ASB and revision, if any, of the draft on the basis of deliberations.

(D) Presentation of transactions and events in the financial statements in a manner that is meaningful and understandable to the reader.