Section 15A: Constitution of Accounting Standards Board

1) The Government of Nepal, in order to govern and regulate the financial reporting and accounting profession, shall constitute the Accounting Standards Board.

2) The Board shall comprise the following members:

(a) One FCA member nominated by the Government of Nepal – 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 the Government of Nepal on the recommendation of the Council member

(i) One Registered Auditor member nominated by the Government of Nepal on the recommendation of the Council – member

3) The Accounting Standards Board, if it deems necessary, may invite an expert to participate in the meeting as an observer.

4) The tenure of members as per clauses (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 the Accounting Standards Board shall be as prescribed by the Accounting Standards Board itself.

6) The secretariat of the Accounting Standards Board shall be stationed in the Head Office of the Institute.