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CMA Intermediate · Financial Accounting · Introduction to Accounting Standards (GAAP, AS and Convergence to Ind AS)

Which of the following is NOT listed among the purposes of the ICAI Framework?

Fixing the rate of tax payable on business profits is not a purpose of the Framework. Its purposes include assisting preparers, auditors, users and the Accounting Standards Board in applying, forming opinions on, interpreting and developing Accounting Standards.

  1. AAssisting auditors in forming an opinion on conformity with Accounting Standards
  2. BAssisting users in interpreting financial statements
  3. CFixing the rate of tax payable on business profitsCorrect
  4. DAssisting preparers in dealing with topics not yet covered by a Standard

Explanation

The Framework's purposes include helping preparers, the Accounting Standards Board, auditors, users and those interested in the Board's approach. Fixing tax rates is not among them, as that is a matter of tax law.

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