The main functions, duties and powers of the Board are as follows: 

1. To develop accounting standards, on the basis of relevant International Accounting Standards, in order to govern and regulate financial reporting and the accounting profession.

2. To evolve an appropriate process of development of accounting standards and publish material related to accounting standards.

3. To redraft, improvise and revise standards.

4. To interpret the standards.

5. To undertake other related tasks related to accounting standards.