Chapter 3a Accounting Standards Boards

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a. Constitution of Accounting Standards Board : (1) His Majesty’s Government, in order to govern and regulate financial reporting and accounting profession, shall constitute Accounting Standards Board.
(2) The Board shall comprise of following members :
(a) One FCA member nominated by His Majesty’s Government-Chairman
(b) Representative, Ministry of Finance – member
(c) Representative, Office of the Auditor General – member
(d) Representative, Office of the Comptroller General – member
(e) Company Registrar, Company Registrar’s Office – member
(f) Director General, Department of Inland Revenue – member
(g) Chairman, Securities Board/Nepal – member
(h) Five Chartered Accountant members nominated by His Majesty’s Government on recommendation of the Council-member
(i) One Registered Auditor member nominated by His Majesty’s Government on recommendation of the Council-member
(3) The Accounting Standards Board, if deems necessary, may invite expert to participate in the meeting as an observer.
(4) The tenure of members as per clause (a), (h) and (i) shall be of three years and shall be eligible for re-appointment on expiry of their tenure.
(5) The business procedure of Accounting Standards Board shall be as prescribed by the Accounting Standards Board itself.
(6) The secretariat of Accounting Standards Board shall be stationed in the Head Office of the Institute.
b. Rights and Duties of Board : The rights and duties of Accounting Standards Board shall be as follows :
(a) To develop accounting standards, on the basis of relevant International Accounting Standards, in order to govern and regulate financial reporting and accounting profession,
(b) To evolve appropriate process of development of accounting standards and publish material related to accounting standards,
(c) To redraft, improvise and revise standards,
(d) To interpret the standards,
(e) To undertake other related tasks related to accounting standards.
c. Seat not to retain : The seat of any member of the Accounting Standards Board shall be not be retained on any of following conditions :
(a) if resigned,
(b) if remained absent for three consecutive board meeting without any information,
(c) if convicted and penalized by the court in a criminal offense,
(d) if declared insane,
(e) if declared insolvent,
(f) if dead,
(f) in case of members of the Institute, if the name is removed from the Membership Register pursuant to Section 22 of the Act.

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Chapter 3a Accounting Standards Boards

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