The correct answer is: D. Government of India
The Accounting Standards Board (ASB) was set up by the Government of India in 1977. The ASB is responsible for developing and issuing accounting standards in India. The ASB is a part of the Ministry of Corporate Affairs, Government of India.
The ASB has issued a number of accounting standards, which are mandatory for all companies listed on the stock exchanges in India. The ASB also issues guidance notes on the implementation of accounting standards.
The ASB is a member of the International Accounting Standards Board (IASB) and the International Financial Reporting Standards (IFRS) Foundation. The ASB works closely with the IASB to ensure that Indian accounting standards are aligned with IFRS.
The ASB is committed to developing high-quality accounting standards that meet the needs of users of financial statements in India. The ASB is also committed to promoting the use of accounting standards in India.
The other options are incorrect because:
- Option A: The Institute of Chartered Accountants of India (ICAI) is a professional body that regulates the practice of chartered accountancy in India. The ICAI does not have the authority to set accounting standards in India.
- Option B: The Institute of Cost and Works Accountants of India (ICWAI) is a professional body that regulates the practice of cost and works accountancy in India. The ICWAI does not have the authority to set accounting standards in India.
- Option C: The Institute of Company Secretaries of India (ICSI) is a professional body that regulates the practice of company secretaryship in India. The ICSI does not have the authority to set accounting standards in India.