The primary body that formulates Indian Accounting Standards (Ind AS) is the:
A. Institute of Chartered Accountants of India (ICAI)
B. Reserve Bank of India (RBI)
C. Ministry of Finance
D. Securities and Exchange Board of India (SEBI)
Answer: Option A
Solution (By JKSSB Mock Tests)
The Accounting Standards Board (ASB) constituted by ICAI formulates the accounting standards, which are then notified by the Ministry of Corporate Affairs.
Explanation:
The Accounting Period Concept artificially breaks the continuous life of a business into standard intervals (usually 12 months) for reporting purposes.
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