The Directorate of Accounting Standards ― Private Sector shall for the Council:
(a) develop accounting and financial reporting standards to be observed in the preparation of financial statements in the private sector and small and medium scale enterprises;
(b) promote the general acceptance and adoption of such standards by preparers and users of financial statements;
(c) promote compliance with the accounting standards developed or reviewed by the Directorate;
(d) review from time to time the accounting standards developed in line with the prevalent social, economic and political environment;
(e) promote compliance with the accounting and financial reporting standards adopted by the Council;
(f) promote, in the public interest, accounting and financial reporting standards to be observed in the preparation of financial statements of public interest entities; and
g) perform such other duties which in the opinion of the Board are necessary or expedient to ensure the efficient performance of the functions of the Council.