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  • Accounting Standards are written policy documents.
  • IASC was established in 1973, to provide a set of universally adopted accounting rules In India. ICAI works as counterpart of IASC.
  • The main objective of accounting standards is to ensure standardisation.
  • Accounting Standards Board (ASB) had formulated 32 Accounting Standards. At present, there are effectively 31 Accounting Standards.

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