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

Members      : Five Chartered Accountants (CA) & One Registered Auditor (RA) nominated by Government of

                     Nepal on recommendation of Institute of Chartered Accountants of Nepal's Council.