Accounting System used in Nepal

 In Nepal, the accounting system used is based on the Generally Accepted Accounting Principles (GAAP). The Nepalese accounting system is similar to the accounting systems used in other countries and is governed by the Nepalese Financial Reporting Standards (NFRS) issued by the Institute of Chartered Accountants of Nepal (ICAN) and the Nepal Rastra Bank (NRB).

Additionally, Nepal has implemented the Nepal Financial Reporting Standards (NFRS) for Small and Medium Enterprises (SMEs) which are designed to meet the specific needs of SMEs in Nepal. The NFRS for SMEs has simplified reporting requirements and provides guidance on the accounting treatment of various transactions specific to SMEs.

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