PPT: Accounts of Companies | Corporate & Other Laws for CA Intermediate PDF Download

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SECTION 407: Definitions
ACCOUNTS OF COMPANIES
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SECTION 407: Definitions
ACCOUNTS OF COMPANIES
Section 133 of Companies Act 2013, Central Government 
to prescribe accounting standards.
Section 211(c)
Companies Act 1956
Section 133
Companies Act 2013
1. Accounting standards" means 
recommended by the Institute of 
Chartered Accountants of India 
constituted under the Chartered 
Accountants (ICAI) Act,1949 prescribed 
by the Central Government in 
consultation with the National Advisory 
Committee.
1. The Central Government may 
prescribe the standards of accounting 
recommended by the Institute of 
Chartered Accountants of India , (ICAI) 
Act, 1949, after examination of the 
recommendations made by the National 
Financial Reporting Authority.
**Now the central Government Will Consult with  National Financial Reporting 
Authority in place of  National Advisory Committee  for any Standards of 
Accounting 
Page 3


SECTION 407: Definitions
ACCOUNTS OF COMPANIES
Section 133 of Companies Act 2013, Central Government 
to prescribe accounting standards.
Section 211(c)
Companies Act 1956
Section 133
Companies Act 2013
1. Accounting standards" means 
recommended by the Institute of 
Chartered Accountants of India 
constituted under the Chartered 
Accountants (ICAI) Act,1949 prescribed 
by the Central Government in 
consultation with the National Advisory 
Committee.
1. The Central Government may 
prescribe the standards of accounting 
recommended by the Institute of 
Chartered Accountants of India , (ICAI) 
Act, 1949, after examination of the 
recommendations made by the National 
Financial Reporting Authority.
**Now the central Government Will Consult with  National Financial Reporting 
Authority in place of  National Advisory Committee  for any Standards of 
Accounting 
Section 133 of Companies Act 2013, Central Government 
to prescribe accounting standards.
? 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.