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Accounting Standards in India are issued through a systematic procedure designed to ensure uniformity, reliability, comparability and transparency in financial reporting. The responsibility for formulating Accounting Standards rests primarily with the Institute of Chartered Accountants of India (ICAI), through its Accounting Standards Board (ASB). The process involves research, consultation, consideration of practical difficulties and approval by the competent authorities. The procedure begins with the identification of an accounting issue that requires standardisation. The ASB considers the need for a _______ _______ ________ ______ _____.
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