Section 133: Central Government to prescribe accounting standards

Regulation 48 of LODR

The Central Government may prescribe the standards of accounting or any addendum thereto, as recommended by the Institute of Chartered Accountants of India, constituted under section 3 of the Chartered Accountants Act, 1949, in consultation with and after examination of the recommendations made by the National Financial Reporting Authority.

Proviso

Provided that until the National financial Reporting Authority is constituted under section 132 of the Companies Act, 2013 (18 of 2013), the Central Government may prescribe the standards of accounting or any addendum there to as recommended by the Institute of Chartered Accountants of India constituted under section 3 of the Chartered Accountants Act. 1949 (18 of 1949) in consultation with and after examination or the recommendations made by National Advisory Committee on Accounting Standards constituted under section 210 A of the Companies Act, I956. (Effective from 1st April,2015)

(1)

of Section 210A of the Companies Act, 1956 (1 of 1956), the Central Government, in consultation with the National Advisory Committee on Accounting Standards, hereby makes rules on Accounting Standards. To view the rules and amendment thereto Click Here