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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.
Notes, amendments & references (4)

MCA has notified The Companies (Accounting Standards) Rules, 2021. To view the rules, Click Here

All Regional Directors and Registrar of Companies are instructed by MCA that till the Standards of Accounting or any addendum thereto are prescribed by Central Government in consultation and recommendation of the National Financial Reporting Authority, the existing Accounting Standards notified under the Companies Act, 1956 shall continue to apply vide General Circular 15/2013. To view the clarification, Click Here

Provided inserted vide Companies (Removal of Difficulties) Second Order,20I6. To view the order, Click Here

In exercise of the powers conferred by Section 133 read with section 469 of the Companies Act, 2013 (18 of 2013) and sub-section