(1) The Government of Nepal shall form an Accounting Standards Board to streamline and regulate the accounting business and financial reporting.
(2) The Board of Accountants shall consist of the following members:-
(a) One person nominated by the Government of Nepal from among the Fellow Chartered Accountants – Chairman
(b) Representative, Ministry of Finance – Member
(c)   Representative, Office of the Auditor General – Member
(d) Representative, Office of the Comptroller General – Member
(e) Registrar, Office of the Registrar of Companies – Member
(f) Director General, Inland Revenue Department – ​​Member
(g) Chairman or his designated representative, Nepal Securities Board – Member
(h) Five persons nominated by the Government of Nepal on the recommendation of the Council from among the chartered accountants – members
(i) One person nominated by the Government of Nepal on the recommendation of the Council from among the registered auditor members (3) If the Board of Accountants deems it necessary, it may invite the relevant expert to participate in its meeting as an observer.
(4) The term of office of the members mentioned in clauses (a), (h) and (j) of sub-section (2) shall be three years and after the expiry of the term of office, they may be re-appointed or nominated.
(5) The procedure related to the meeting of the Board of Accountants shall be as determined by the Board itself.
(6) The secretariat of the Board of Accountants shall be at the head office of the institution.