Accounting Standards Approved by the Accounting Standards Review Board (ASRB)

Accounting Standards approved by the Accounting Standards Review Board (ASRB) :

A) Had no legal backing under the Companies Act,and their application was optional.
B) Had no legal backing under the Companies Act,although almost all companies followed their guidance.
C) Had legal backing under the Companies Act,although companies could depart from the accounting standards if it was maintained that application did not result in the financial reports showing a 'true & fair view'
D) Had legal backing under the Companies Act,and their application was mandatory at all times.