The functions, duties and powers of the Accounting Standards Board shall be as
follows:
(a) To provide for accounting standards, also based on international accounting standards, in order to systematize and regulate the accountancy and financial reports;
(b) To prepare appropriate modalities in order to develop accounting standards and publish materials relating to accounting standards;
(c) To amend, improve and revise accounting standards;
(d) To interpret accounting standards;
(e) To perform other acts relating to accounting standards.