Accounting Standards Board (ASB) has been constituted by Government of Nepal on 26 Falgun 2059 corresponding to 10 March, 2003 under Nepal Chartered Accountants Act, 1997 (first amendment 2002). 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 formed in March 2003 with an amendment to the Institute of Chartered Accountants of Nepal Act 1997 incorporating the provision for its establishment and operation by the Government of Nepal. The ASB is primarily responsible for setting accounting and financial ... Read More

The objective of the Board is to formulate accounting standards in line with 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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The Board consists of 13 members nominated by the Nepal Government with representation from various stakeholders including the Ministry of Finance, Office of the Auditor General, Financial Comptroller General Office, Inland Revenue Department, Company Registrar Office, Security Board of Nepal and members of the Institute of Chartered Accountants of Nepal representing the profession. A Chairperson is nominated from amongst the fellow members representing the accounting profession in the Board by the Nepal Government:

 

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CA. Narendra Bhattarai
Chairman 

(Nominated by the Government of Nepal from the Fellow Chartered Accountants -FCA)

Date of Birth: February 2, 1957

Academic Qualification:  Post graduated in Management with Distinction from Tribhuvan University, Kathmandu. (He was awarded with two gold medals for securing highest marks in MBA)

Professional Qualification: Chartered Accountancy from The Institute of Chartered Accountants, India (ICAI) in 1985.

Professional Experience: He was the President of the Institute of Chartered Accountants of Nepal (ICAN) for the year 2014-15. He is the Fellow Member of ICAN and Associate Member of ICAI. He was the Lecturer in Central Department of Management ... Read More

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