The Accounting Standards Board (ASB) is an organization responsible for setting accounting standards in a specific country. Its primary goal is to ensure that financial statements are consistent, transparent, and comparable across different organizations. This helps investors, regulators, and other stakeholders make informed decisions based on reliable financial information. The ASB works closely with various stakeholders, including accountants, auditors, and business leaders, to develop and update accounting standards. These standards guide how companies prepare their financial reports, ensuring that they adhere to best practices and legal requirements. This promotes trust and accountability in the financial reporting process.