Accounting · Accounting Standard Setting Bodies
Match the regulatory and standard-setting entities mentioned in LIST-I with their respective operational roles or origins described in LIST-II: LIST-I (Standard-Setting Entity) A. Accounting Standards Board (ASB) B. National Advisory Committee on Accounting Standards (NACAS) C. International Accounting Standards Board (IASB) D. Ministry of Corporate Affairs (MCA) LIST-II (Operational Role/Origin) I. Advises the government regarding the formal notification of standards under the Companies Act. II. Technical body responsible for identifying the need for a standard and issuing Exposure Drafts. III. Global authority that replaced the International Accounting Standards Committee (IASC). IV. Mandates the adoption of standards through specific rules for various classes of companies. Choose the correct answer from the options given below:
Verified Solution4 OptionsUpdated: October 2026👁️1 View
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- 1A-I, B-II, C-III, D-IV
- 2A-II, B-IV, C-I, D-III
- 3A-IV, B-I, C-III, D-II
- 4A-II, B-I, C-III, D-IV✓
Correct answer
A-II, B-I, C-III, D-IV
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