Background

Accounting Standards Board of Nepal (ASB Nepal) is an independent statutory body, formed by the Government of Nepal in July 2002 with the responsibility to formulate accounting standards for preparation and presentation of financial statements in Nepal.

The objective of the ASB Nepal is to issue accounting standards for business enterprises in line with IFRS Accounting Standards issued by International Accounting Standards Board. The ASB Nepal is also responsible for issuing interpretations of Nepal Financial Reporting Standards (NFRS).

Accounting Standards

Nepal is converging with IFRS Accounting Standards as Nepal Financial Reporting Standards (NFRS). The ASB Nepal has published the new set of standards, which is converged with the 2018 IFRS Accounting Standards as issued by the IASB and is currently in the process of aligning NFRS with the 2023 IFRS Accounting Standards.

Sustainability Disclosure Standards

July 2025, the Accounting Standards Board (ASB) of Nepal has published a consultation document in which it solicits views on the draft Nepal Sustainability Reporting Standards (NSRS), which are intended to align with IFRS S1 and S2. The ASB is committed to issuing the final NSRS by the end of 2025.

*The information above has been translated and compiled from publicly available sources, including the official websites of relevant institutions and the website of IFRS.