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64 Corporate Finance BRILLIANT’S

IAS 37 Provisions, Contingent Liabilities and Contingent Assets
àmo{dO§g, H§$qQ>O|Q> bm`{~{bQ>rO VWm H§$qQ>O|Q> AgoQ²>g 1998
IAS 38 Intangible Assets / BÝQ>|{O~b AgoQ²>g 2004*
IAS 39 Financial Instruments: Recognition and Measurement
\$m`Z|{e`b B§ñQ´>y_|Q>g… [aH$p½ZeZ VWm _oOa_|Q>
Superseded by IFRS 9 where IFRS 9 is applied
IFRS 9 Ûmam ^§J H$a {X`m Ohm± IFRS 9 bmJy hmoVm h¡ 2003*
IAS 40 Investment Property / B§doñQ>_|Q> n«m°nQ>u 2003*

IAS 41 Agriculture / H¥${f 2001


ROLE OF ACCOUNTING STANDARD BOARD (ASB)
AH$mC§qQ>J ñQ>¢S>S>© ~moS>© (ASB) H$s ^y{_H$m

Q.7. What role do ASB play in development and enforcement of standards?
ñQ>¢S>S²>©g Ho$ {dH$mg VWm bmJy H$aZo _| EEg~r Š`m ^y{_H$m {Z^mVm h¡?
OR
What are the functions or scope of ASB?
ASB Ho$ H$m`© `m joÌ Š`m h¢?

Scope and Functions of ASB ASB H$m joÌ VWm H$m`©
1. Main function of ASB is to formulate 1. ASB H$m _w»` H$m`© AH$mC§qQ>J ñQ>¢S>S²>©g ~ZmZm h¡&
accounting standards.
2. While formulation of standards ASB has 2. ñQ>¢S>S²>©g ~ZmVo g_` ASB H$mo bmJy hmoZo dmbo H$mZyZm|,
to considers applicable laws, customs, àWmAm|, g_mO VWm ì`mnma dmVmdaU H$m {dMma
social and business environment. H$aZm hmoVm h¡&
3. ASB has to give due consideration to IAS 3. ASB H$mo IASB (B§Q>aZoeZb AH$mC§qQ>J ñQ>¢S>S>© ~moS>©)
(international Accounting Standards) Ûmam g_`-g_` na Omar {H$`o J`o IASB
issued by IASB (International Accounting (B§Q>aZoeZb AH$mC§qQ>J ñQ>¢S>S²>©g) H$mo C{MV {dMma
Standard Board) from time to time.
XoZm hmoVm h¡&
The following steps are taken by ASB for ^maV _| {H$gr AH$mC§qQ>J ñQ>¢S>S>© H$mo Omar H$aZo Ho$
issue of any accounting standard in India: {bE ASB Ûmam CR>m`o OmZo dmbo H$X_ {ZåZ{b{IV h¢…
 The area in which AS is needed to be  dh joÌ {Og_| AS ~ZmZo H$s Amdí`H$Vm h¡ ASB
formulated is determined by ASB. Ûmam {ZYm©[aV {H$`m OmVm h¡&
 Various study groups are formed by ASB  {deof {df`m| H$m {dMma H$aZo Ho$ {bE ASB H$r
to assist it in to considers special subjects. ghm`Vm H$aZo _| ASB Ûmam {d{^ÝZ AÜ``Z g_yh
~Zm`o OmVo h¢&