The Accounting Standards Board issues legal opinions on accounting standardization issues and is responsible for the following:

Setting up, reviewing and/or modifying the valid Charts of Accounts, aiming to adapting them to developments in science and practice.

The manner, the time and the procedure of general or upon case mandatory application of International Accounting Standards by economic entities or by categories of economic entities.

The adoption of Directives concerning the implementation of the relevant applicable Charts of Accounts and International Accounting Standards.

The Accounting Standards Board is a five-member body appointed for three years.