Government of Nepal Formed Accounting Standards Board, Nepal  in March 2003 with an amendment to the Institute of Chartered Accountants of Nepal Act 1997 incorporating the provision for its establishment and operation.

 

ASB Nepal consists of 13 members comprising a Chairman & Members

 

Accounting Standards Board Formation:

Chairman     :   Fellow Chartered Accountant (FCA), nominated by the Government of Nepal

Member       :   Representative of Ministry of Finance

Member       :   Representative of Office of the Auditor General

Member       :   Representative of Financial Comptroller General Office

Member       :   Company Registrar of Office of the Company Registrar

Member       :   Director General of Inland Revenue Department

Member       :   Chairman of Securities Board of Nepal

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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 ... Read More

The objective of the Board is to formulate accounting standardsin line with IAS/IFRSs issued by IASB. The Board has full discretion in developing and pursuing the technical agenda for setting Accounting Standards in Nepal.

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Pursuant to Section 15(kha) of the Institute of Chartered Accountants Act, 1997, the main functions of the Board are to: 

Regulate and systematized accounting profession, formulation of accounting standards on the basis of IFRSs. Set procedures to develop Accounting Standards and publish materials related to Accounting Standards. Make improvement and revision of Accounting Standards in line with IFRSs. Interpretation of Accounting Standards. Perform other functions related to Accounting Standards. ... Read More