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 established 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 for public sector in line with the International Public Sector Accounting Standards (IPSASs).
The ASB consists of 13 members comprising a Chairman appointed by the Government of Nepal from Fellow Chartered Accountants and other members representating from Ministry of Finance, Office of the Auditor General, Financial Comptroller General Office, Inland Revenue Department, Company Registrar Office, Security Exchange Board, the Institute of Chartered Accountants of Nepal and the Registered Auditors.