STANDARDS.ORG.NP

The Accounting Standards Board (ASB) is an independent statutory body with the responsibility to set and issue accounting standards for preparation and presentation of financials statements in Nepal . The ASB was established in March 2003 with an amendment to the Institute of Chartered Accountants of Nepal Act 1997 incorporating the provision for its establishment and operation. The ASB is primarily responsible for setting accounting and financial reporting standards for business enterprises in line with the International Financial Reporting Standards (IFRSs). Since 2007, ASB has also been entrusted by Nepal Government with the responsibility to develop accounting standards for public sector in line with the International Public Sector Accounting Standards (IPSASs).
The ASB consists of 13 members comprising a Chairman appointed by the Government of Nepal from Fellow Chartered Accountants and other members representating from Ministry of Finance, Office of the Auditor General, Financial Comptroller General Office, Inland Revenue Department, Company Registrar Office, Security Exchange Board, the Institute of Chartered Accountants of Nepal and the Registered Auditors.

Introduction to Auditing Standards Board (AuSB)

Auditing Standards Board (AuSB) has been constituted by the Government of Nepal on 26 Falgun 2059 corresponding to 10 March, 2003 under Nepal Chartered Accountants Act, 1997 (first amendment 2002). The AuSB consists of 7 members comprising of representatives from Ministry of Finance, Office of the Auditor General, Institute of Chartered Accounts of Nepal and from Registered auditor nominated by Government of Nepal. The board has full discretion in developing and pursuing the technical agenda for setting Auditing Standards.

The main function of AuSB is to review existing practices in Nepal and to develop Nepal Standards on Auditing (NSAs) so that these may be issued and regulated by the Council of the ICAN. While formulating NSA(s), the AuSB considers the applicable laws, customs, usages and business environments in Nepal . The NSAs are issued under the authority of the Chartered Accountants Act, 1997 (first amendment 2002). The AuSB issues Guidance notes on the issues arising from the NSAs wherever necessary. AuSB reviews and revises the NSAs at periodical intervals or as per the need of the respective standards.The AuSB determines the broad areas in which the NSAs need to be formulated and the priority in regard to the selection thereof.

The AuSB, till date, has formulated 30 Nepal Standards on Auditing and 2 guidance note. It has revised the following NSAs NSA 200, NSA 210, NSA 230, NSA 240, NSA 300, NSA 260, NSA 250, and Nepal Framework for Assurance Engagements, by the Year 2007/08. Rest of the NSAs are in the process of revision

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