<P> Indian Accounting Standard ( abbreviated as Ind - AS ) is the Accounting standard adopted by companies in India and issued under the supervision and control of Accounting Standards Board ( ASB ) , which was constituted as a body in the year 1977 . ASB is a committee under Institute of Chartered Accountants of India ( ICAI ) which consists of representatives from government department , academicians , other professional bodies viz . ICAI , representatives from ASSOCHAM , CII , FICCI , etc . </P>
authorities involved in formulating accounting standard in india
Accounting Standards Board ( ASB ) Institute of Chartered Accountants of India ( ICAI )