What are the objectives of Accounting Standards Board?

Objectives of the Accounting Standards Board The following are the objectives of the Accounting Standards Board: To conceive and suggest areas in which Accounting Standards need to be developed. To formulate Accounting Standards with a view to assist the Council of the ICAI in evolving and establishing Accounting Standards in India. To examine how far the relevant International Accounting Standard/International Financial Reporting Standard can be adopted while formulating the Accounting Standard. To review, at regular intervals, the Accounting Standards from the point of view of acceptance or changed conditions, and, if necessary, revise the same. To provide, from time to time, interpretations and guidance on Accounting Standards. To carry out such other functions as may be specified relating to Accounting Standards.