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An Introduction

Accounting Standards Board (ASB), was formed by the Government of Nepal under section 15a of Nepal Chartered Accountant Act, 1997. The Board is an independent statutory body responsible to set and issue accounting standards for various types of entities. The members of the Board are nominated by Government of Nepal and comprise accounting professionals and government representatives. ASB Nepal is primarily responsible for setting accounting and financial reporting standards for business enterprises in convergence with the International Financial Reporting Standards (IFRSs). The Board is also responsible to issue interpretations of NFRSs. In addition to this Board is also engaged in advocacy, education and training for effective implementation of NFRSs.


Accounting Standards Board, Nepal has so far set and issued following standards.

  • Nepal Financial Reporting Standards (NFRSs) 2018 [NEW]
  • Nepal Financial Reporting Standards (NFRSs) 2013
  • Nepal Financial Reporting Standards for Small and Medium-sized Entities (NFRSs for SMEs) 2017
  • Nepal Accounting Standards for Micro Entities (NAS for MEs) 2018
  • Nepal Accounting Standards for Not for Profit Organization (NAS for NPOs) 2018


Since 2007, Nepal Government has also entrusted ASB Nepal with the responsibility to develop accounting standards for public sector in line with the International Public Sector Accounting Standards (IPSASs) and the Board had prepared Nepal Public Sector Accounting Standards (NPSAS) 2007, which was implemented from August 15, 2009 (2066/05/30) as per the decision made by the Government of Nepal.


Recently, as per the request of Financial Comptroller of General Office (FCGO), ASB Nepal has prepared the Exposure Draft of Nepal Public Sector Accounting Standards (NPSAS) for public sector in line with IPSAS 2017 cash basis.

Board Formation:

ASB Nepal consists of 13 members comprising a Chairman appointed by the Government of Nepal from Fellow Chartered Accountants (FCA) and other members are representative of Ministry of Finance, representative of Office of the Auditor General, representative of Financial Comptroller General Office, Company Registrar of Office of the Company Registrar, Director General of Inland Revenue Department, Chairman of Securities Board of Nepal & Five Chartered Accountants (CA) & One Registered Auditor (RA) Nominated by Government of Nepal on the recommendation of the Council of Institute of Chartered Accountants of Nepal (ICAN).

Current Affairs
  Nepal Financial Reporting Standards (NFRSs) S. No. Name of Nepal Financial Reporting Standards (NFRSs)   Preface   The Conceptual Framework for Financial Reporting 1 NFRS 1 First-time Adoption of ... Read More
1. NAS Development and Revision Technical Committee (Formed by Board's 119th Meeting) S.No Name Designation 1 CA. Satish Chandra Lal Coordinator 2 CA. Chandra Kanta Bhandari Member 3 CA. Gopal Prasad Pokharel Member 4 CA. Suresh Devkota Member 5 CA. ... Read More
         CA. Mahesh Khanal  Chairman  (Appointed by the Goverment of Nepal)             Mr. Bhimarjun Gnyawali Member Representative, Ministry of Finance            Mr. Chandra Kanta Bhandari, FCA, CPFA Member Representative, Office of the ... Read More
  Notice regarding Implementation Guidelines of NFRS 2013 on Impacts of COVID-19 [NEW]   Click in the below link to view/download the file. http://www.standards.org.np/asb/resources/381899_Approved%20Implementation%20Guidelines%20for%20NFRS%202013%20on%20Impacts%20of%20COVID-19%20(Board%20132th%20Meeting).pdf  ... Read More
As per the decision made by the Board's 132th Meeting, ASB Nepal has issued the Implementation Guidelines of NFRS 2013 on Impacts ... Read More
Jurisdictional Profile : Nepal    To view click in the following link: https://www.ifrs.org/use-around-the-world/use-of-ifrs-standards-by-jurisdiction/nepal/#participant      ... Read More
Exposure Draft of NPSAS 2020 - For Comments  Click in the following link to view/download the file. http://www.standards.org.np/asb/resources/507999_Exposure%20Draft%20of%20NPSAS%202020.pdf    Note: Link has been removed due ... Read More
NAS for NPOs 2018 book has been published and started to sell from 2076.08.26 ... Read More
Accounting Standards Board, Nepal has recently published NAS for Micro Entities 2018 Book.  ... Read More
Notice of ICAN regarding NAS for NPOs & NAS for MEs Pronouncement/Implementation   Note:  1. Book of NAS for MEs has been published click ... Read More
Notice of ICAN regarding NFRS for SMEs Implementation ... Read More
NFRS Implementation Notice of ICAN.pdf ... Read More
Notice Published on Gorkhapatra Daily on May 11, 2019 Saturday   ... Read More
Nepal Rastra Bank has published the Format of Financial Statements for 'A' class Commercial Banks.   Click in the following link for the detail: https://www.nrb.org.np/contents/uploads/2019/12/2074_75_For_A__B__C_Class-Circular_23-Attachment_to_Format_of_Financial_Statements_of_Commercial_Banks_Related-new.pdf   ... Read More
Notice of Auditing Standards Board Nepal related to Nepal Standards on Auditing (NSA) 2018   For detail: http://www.ausb.org.np/ausb/d/nsa-2018-पुस्तक-प्रकाशन-सम्बन्धी-सुचना/18/0/36#.W-Fd37t1PIU  ... Read More
  For detail click in the following link: Notice of ICAN ... Read More
NFRS for SMEs 2017 book is available at ASB Nepal Secretariat. Price: NRS 500/- (For detail contact us : 01-5523314)   ... Read More
  The Board prepared the Nepal Accounting Standards for Micro Entites (NAS for MEs) 2018 and sent to ICAN for the pronoucnement. ... Read More
Nepal Financial Reporting Standards for Small and Medium-sized Entities (NFRS for SMEs 2017) Book has been already published0 NPR. 500    You can buy this ... Read More

Rececent Posts
Carve-out on NFRS (NEW)
कम्पनी रजिष्ट्रारज्यूसँग भेटघाट (२०७७।०४।२६)
Definition of NPOs
Carve-Out on NFRS (for financial institutions) [NEW]
Exposure Draft of NFRSs 2018 (New)
Board Formation by Government of Nepal
Two banks’ balance sheets lack NFRS compliance
Banks to publish financial statements as per NFRS
ASB Board Meeting Conducting Procedure 2073
Nepal Public Sector Accounting Standards (NPSAS) 2007
लेखामान बोर्डको अध्यक्षमा सि.ए. महेश खनाल

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