Recommending accounting standards and auditing standards

(1)

For the purpose of recommending accounting standards or auditing standards for approval by the Central Government, the Authority-

(a)

shall receive recommendations from the Institute of Chartered Accountants of India on proposals for new accounting standards or auditing standards or for amendments to existing accounting standards or auditing standards.

(b)

may seek additional information from the Institute of Chartered Accountants of India on the recommendations received under clause (a), if required.

(2)

The Authority shall consider the recommendations and additional information in such manner as it deems fit before making recommendations to the Central Government.