The term Accounting standard may be defined as return statement issued from time to time by Institution of the accounting profession constitution in which it has official involvement and which year established expressively for this purpose. Such accounting instituition/ bodies are currently found in many countries of the world. examples accounting standard board (India), financial accounting standard board (USA), accounting standard board (UK) accounting standard committee (Canada) etc. at the international level international accounting standard committee has been created to formulate and publish in the public interest, basic standard to be observed in the presentation of audited account and financial statement and to promote their worldwide acceptance and observance
The Institute of Chartered Accountant of India, recognising the India to harmonize the diverse accounting policies and practices at present in use in India, constituted and accounting standard board on 21st April 1977.
the main function of accounting standard board institute is to formulate accounting standard so that Such standard may be established by the Council of the institute in India. while formulating the accounting standards, accounting standard board take into consideration the applicable laws, customer, usage and business environment.
Till 32 accounting standard issued (AS) by the accounting standard board of Institute of Indian chartered accountants
