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.