The correct answer is: C. 1973
The Accounting Standards Board of India (ASB) was established in 1973 by the Institute of Chartered Accountants of India (ICAI). The ASB is responsible for developing and issuing accounting standards in India. The ASB’s objective is to promote the development of a sound and uniform system of accounting in India. The ASB’s standards are based on the International Financial Reporting Standards (IFRS) issued by the International Accounting Standards Board (IASB). The ASB’s standards are mandatory for all listed companies in India.
Option A: 1970 is incorrect because the ASB was established in 1973.
Option B: 1972 is incorrect because the ASB was established in 1973.
Option D: 1977 is incorrect because the ASB was established in 1973.