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.

 

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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 Government of Nepal  established ASB  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 ... 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