The Accounting Standards Board (ASB) was constituted by the ICAI in 1977 with a view to formulate Accounting Standards to provide a sound, reliable and high-quality accounting, and financial reporting system and to harmonise the diverse accounting policies and practices in India. The ASB, since its inception, has been constantly working in this direction by formulating new Accounting Standards as well as revising the existing Accounting Standards from time to time with the objective to bring the Standards in line with the International Financial Reporting Standards (IFRS), as issued by the International Accounting Standards Board (IASB). The ASB with a view to provide guidance on the uniform applications of the Accounting Standards in an increasingly complex business environment, also issues various guidance materials from time to time.