The Ministry of Company Affairs, through Notification S.O. 1010(E) dated 17th September 2004, announced the constitution of the National Advisory Committee on Accounting Standards (NACAS) under Section 210A of the Companies Act, 1956. The committee’s primary role is to advise the Central Government on formulating and implementing accounting policies and standards applicable to companies or specific classes of companies. This initiative ensures standardization and compliance with accounting practices under the Companies Act. The notification outlined the committee’s composition, comprising experts and professionals tasked with guiding the adoption of accounting standards. This step aims to streamline financial reporting and improve corporate governance in India.
MINISTRY OF COMPANY AFFAIRS
NOTIFICATION
New Delhi, the 17th September, 2004
S.0.1010(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:-
