Date: 2014-09-18Category: Extra OrdinaryState: Union GovernmentCountry: India
The Central Govt. hereby constitutes an Advisory Committee to be called the National Advisory Committee on Accounting Standards, consisting of the following persons to advise the Central Govt. on the formulation and laying down of accounting policies and accounting standards for adoption by companies or class of companies under the said Act.
Executive Summary:
This notification, issued by the Ministry of Corporate Affairs on September 8, 2014, establishes the National Advisory Committee on Accounting Standards. The committee is formed to advise the Central Government on the formulation and laying down of accounting policies and accounting standards for adoption by companies. The notification comes into force on September 18, 2014.
Key Points / Main Content:
Establishment of the National Advisory Committee on Accounting Standards:
* The Central Government constitutes the National Advisory Committee on Accounting Standards.
* The committee will advise on the formulation and laying down of accounting policies and accounting standards.
* These standards are for adoption by companies or classes of companies under the Companies Act, 1956.
Committee Composition:
* The committee consists of a Chairperson and members nominated from various organizations.
* Members are nominated from:
* Chartered Accountants
* The Institute of Cost and Works Accountants of India
* The Institute of Company Secretaries of India
* The Institute of Chartered Accountants of India
* Ministry of Corporate Affairs
* Reserve Bank of India
* Comptroller and Auditor General of India
* Educational institutions
* Central Board of Direct Taxes
* Confederation of Indian Industry
* Federation of Indian Chambers of Commerce and Industry
* Associated Chambers of Commerce and Industry of India
* Securities and Exchange Board of India
Effective Date:
* The notification is effective from September 18, 2014.
Impact Analysis:
Central Government:
* Impact: Receives advice from the National Advisory Committee on Accounting Standards for formulating accounting policies and standards.
* Action Required: Consider and implement the committee's advice in the formulation of accounting policies and standards.
Companies:
* Impact: Subject to accounting policies and standards formulated based on the committee's advice.
* Action Required: Adopt and adhere to the accounting policies and standards laid down by the Central Government.
National Advisory Committee on Accounting Standards:
* Impact: Responsible for advising the Central Government on accounting policies and standards.
* Action Required: Provide expert advice to the Central Government on the formulation of accounting policies and standards.
Accounting Professionals and Regulatory Bodies:
* Impact: Their expertise and perspectives are incorporated into the formulation of accounting standards.
* Action Required: Nominate representatives and contribute to the committee's deliberations.
Key Entities Referenced
Companies Act, 1956: An Act of the Parliament of India, relevant to the constitution of the Advisory Committee.
National Advisory Committee on Accounting Standards: An Advisory Committee constituted by the Central Government to advise on accounting policies and standards.
Ministry of Corporate Affairs: The Indian government ministry responsible for administering the Companies Act, 1956 and related regulations.
Reserve Bank of India: The central bank of India, which has a nominee on the National Advisory Committee on Accounting Standards.
Comptroller and Auditor General of India: The apex auditing institution of India, which has a nominee on the National Advisory Committee on Accounting Standards.
Central Board of Direct Taxes: A part of the Department of Revenue in the Ministry of Finance, it has a nominee on the National Advisory Committee on Accounting Standards.
Securities Exchange Board of India: The regulator of the Securities market in India, which has a nominee on the National Advisory Committee on Accounting Standards.
Amarjit Chopra: Chartered Accountant and Chairperson of the National Advisory Committee on Accounting Standards.
THT To Sto Vao-33004/99
REGD. NO. D. L.-33004/99
REGD. NO. D. L.-33004/99
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[t. a. 4/5/2001 -#teet-V (aTT-V)]
MINISTRY OF CORPORATE AFFAIRS
NOTIFICATION
New Delhi, the [8th September, 2014
S.O. 2425(E).—In exercise of the powers conferred by sub-section (1) of Section 210A of the Companies Act,
1956 (1 of 1956), the Central Government hereby constitutes an Advisory Committee to be called the National Advisory
Committee on Accounting Standards, consisting of the following persons to advise the Central Government on the
formulation and laying down of accounting policies and accounting standards for adoption by companies or class
of companies under the said Act, namely:—
(1) Shri Amarjit Chopra, Chartered Chairperson,
Accountant [Nominated under clause (a) of
sub-section(2) of section 210A]
Q2) Dr. A.S, Durga Prasad, Member,
President, Nominee of The Institute of [nominated under clause (b) of
Cost and Works Accountants of India sub-section (2) of section 210A}
(3) Shri R. Sridharan, President, Member,
Nomince of The Institute of Company [nominated under elause (b) of
Secretaries of India sub-section (2) of section 210A]
IRI eaQNER LS NAc(HFT ~@rs 3 (ii)]
FRG Al UTA: sree
(4) CA. K. Raghu, President,
Member,
AN co cm oi un ne te
an
o tf
s
oT fh e
In
I dn is atitute of Chartered
(nominated under clause (b) of
sub-section (2) of section 210A}
(5) Joint Secretary,
Member,
Ministry of Corporate Affairs
{Nominated under clause (c) of
(6) Shri Sudarshan Sen, Chief sub-section (2) ofsection 2 I0AJ
General Manager-in-Charge,
Member,
Nominee of Reserve Bank of India s( un bo -m si en ca tt ie ond (u 2n )d e or
f
sc el ca tu is oe
n
( 2d 1) 0o Af
]
(7) Shri P Sesh Kumar, Director
General (Commercial), Member,
Nominee of Comptroller and Auditor General of India [nominated under clause (e) of
sub-section (2) of section 2 10A]
(8) Prof. I.M Pandey,
Member,
Ex-faculty,
Tinddiiaai ITnrsettiitau.t {nominated under clause (f) of
Say Joini Seer uty e ec ct ti io on n ( (2 2) ) o o f sseecctuioonn 22 1100!4 \1 ]
Policy Las
Nominee of Central Board of Direct Taxes. nominated under clause (g) of
sub- section (2) of section 210A]
(10) Shri Rostow Ravanan,
Member,
Nominee of Confederation of Indian Industry. [nominated under clause (h) of
sub-section (2) of section 210A]
ay Shri Adesh Gupta,
Member,
aN no dm i In nde ue s to rf y Federation of Indian Chambers of Commerce [nominated under clause (h) of
sub-section (2) of section 2 10A]
(12) Dr. Ashok Haldia,
IN no dm ui stn re ye oo ff A Is ns do ic aiated Chambers of Commerce and [M Ne om mb ie nr a, ted under clause (h) of
sub-section (2) of section 210A].
(13) Shri S. Ravindran, Executive
Director,
Member,
Nominee of Securities Exchange Board of India, s[ un bo -m si en ca tt ie ond (u 2n )d e or
f
sc el ca tu is oe
n
( 2i)
1
o 0f
A]
of the CotT i mh o pe n a i nC n ih ta ehi ser p AO ce f tr f ,is co 2in 0a l 1a 3n G d a z (m e 1e t 8t m oeb f e o 2rr 0 s t 1i l 3ls ) h t a h wl e hl ich coo hnl s ed t v i eo t rf uf t ii i sc oe en a rf o lo f ir e N ra a . tp ie or ni ao ld Fo if n ‘o an nce i ay le Ra er p of rr to im n gt h Ae u td hat oe r io tf y p uu nb dl ei rc a St ei co tn i oo nf t 1h 3i 2s
3. This notification shall come into force on18th September, 2014.
[F.No. 1/5/2001-CL.V (Part V)]
AMARDEEP SINGH BHATIA, Jt. Secy,
Printed by the Manager, Government of India Press, Ring Road, Mayapuri, New Delhi-1 10064
and Published by the Controller of Publications, Deihi-110054.