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An Introduction

Accounting Standards Board (ASB Nepal), was formed by the Government of Nepal under section 15ka 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 & guideline/guidance notes.

  • 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
  • Implementation Guidelines of NFRS 2013 on Impacts of COVID-19
  • Application Guidance Notes based on NFRS 2013


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 and the Board is in the process of finalizing process.

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).

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