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P2 C7 Accounting Standards : Concept and Objectives — Account STD 11 Commerce — Question

Gujarat BoardEnglish MediumSTD 11 CommerceAccountP2 C7 Accounting Standards : Concept and Objectives1 Mark
Question
Why did $ICAI$ set up the $ASB?$
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Answer

In India, the $ICAI$ set up the $ASB$ on $21st$ April, $1977$ to formulate accounting standards.

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