Accounting Standards Board (ASB or the Board) Nepal was formed by the Government of Nepal on July 08, 2002 (2059 Ashad 24) with an amendment to the Nepal Chartered Accountants Act, 1997 (first amendment, 2002) 15ka incorporating the provision for its establishment and operation. The ASB Nepal has been formed with the responsibility to formulate accounting standards for the preparation and presentation of financial statements in Nepal. The ASB Nepal is primarily responsible for setting accounting standards for business enterprises in line with the International Financial Reporting Standards (IFRSs). The Board is also responsible to issue interpretations of NFRSs.

Accounting Standards Board, Nepal has so far set and issued following standards & guideline/guidance notes.

  • Nepal Financial Reporting Standards (NFRSs) 2018 [NEW]
  • Nepal Financial Reporting Standards (NFRSs) 2013
  • Nepal Financial Reporting Standards for Small and Medium-sized Entities (NFRSs for SMEs) 2017
  • Nepal Accounting Standards for Micro Entities (NAS for MEs) 2018
  • Nepal Accounting Standards for Not for Profit Organization (NAS for NPOs) 2018
  • Implementation Guidelines of NFRS 2013 on Impacts of COVID-19
  • Application Guidance Notes based on NFRS 2013

Since 2007, the Government of Nepal has also entrusted ASB Nepal with the responsibility to develop accounting standards for the public sector in line with the International Public Sector Accounting Standards (IPSAS) and the ASB Nepal prepared the Nepal Public Sector Accounting Standards (NPSAS) 2007, which was implemented from 2066 Bhadra 30 (August 15, 2009) as per the decision of Government of Nepal.

Similarly, on the request of the Financial Comptroller of General Office (FCGO), ASB Nepal Revised the Nepal Public Sector Accounting Standards (NPSAS) 2007 for the public sector in line with IPSAS 2017 cash basis Revised Nepal Public Sector Accounting Standards (NPSAS) was approved by the Government of Nepal on 2079 Mangsir 20 (December 06, 2022).


Board Formation:

ASB Nepal consists of 13 members comprising a Chairman appointed by the Government of Nepal from Fellow Chartered Accountants (FCA) and other members are representative of Ministry of Finance, representative of Office of the Auditor General, representative of Financial Comptroller General Office, Company Registrar of Office of the Company Registrar, Director General of Inland Revenue Department, Chairman of Securities Board of Nepal & Five Chartered Accountants (CA) & One Registered Auditor (RA) nominated by the Government of Nepal on the recommendation of the Council of Institute of Chartered Accountants of Nepal (ICAN).