Cos 133 — Central Government to prescribe accounting standards

Companies Act, 2013

Statutory text

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         (38
of  1949),  in  consultation  with  and  after  examination  of  the  recommendations  made  by  the  National
Financial Reporting Authority:

[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  thereto,  as  recommended  by  the  Institute  of  Chartered  Accountants  of  India,  constituted under  section  3  of  the  Chartered  Accountants  Act,  1949  (38  of  1949),  in  consultation  with  and  after examination  of  the  recommendations  made  by  National  Advisory  Committee  on  Accounting  Standards constituted under section 210A of the Companies Act, 1956 (1 of 1956).]

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