Notification No. S.O. 1073(E), dated 18th September 2003, announces the formation of the National Advisory Committee on Accounting Standards under Section 210A of the Companies Act, 1956. The committee’s role is to advise the Central Government on the formulation and establishment of accounting policies and standards for adoption by companies. The committee includes a diverse group of professionals, such as the Chairperson, Shri Yezdi H. Malegam, and nominees from various organizations, including the Institute of Chartered Accountants of India, the Institute of Company Secretaries of India, the Institute of Cost and Works Accountants of India, the Reserve Bank of India, the Comptroller and Auditor-General of India, and others. Each member holds office until 28th August 2004. This committee is tasked with providing guidance on accounting standards and practices to be implemented by companies across India. The notification comes into effect from its publication in the Official Gazette.
Constitution of the National Advisory committee on Accounting Standards u/s. 210A of the Companies Act, 1956
Ministry of Finance
(Department of Company Affairs)
NOTIFICATION
New Delhi, the18th September, 2003
S.O. 1073(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 Yezdi H. Malegam,
Chartered Accountant |
Chairperson
(hold office upto 28.8.2004) [under clause (a) of sub-section (2) of section 210A] |
|
| (2) | President of the Institute of Chartered Accountants of India | member
(shall hold office upto 28.8.2004) [nominated under clause (b) of sub-section (2) of section 210A] |
|
| (3) | President of the Institute of Company Secretaries of India | member
(shall hold office upto 28.8.2004) [nominated under clause (b) of sub-section (2) of section 210A] |
|
| (4) | President of the Institute of Cost and Works Accountants of India | member
(shall hold office upto 28.8.2004) [nominated under clause (b) of sub-section (2) of section 210A] |
|
| (5) | Nominee of the Reserve Bank of India | member
(shall hold office upto 28.8.2004) [nominated under clause (d) of sub-section (2) of section 210A] |
|
| (6) | Nominee of the Comptroller and Auditor-General of India | member
(shall hold office upto 28.8.2004) [nominated under clause (e) of sub-section (2) of section 210A] |
|
| (7) | Dr. N. Balasubramanian,
Nominee of the Indian Institute of Management, Bangalore |
member
(shall hold office upto 28.8.2004) [nominated under clause (f) of sub-section (2) of section 210A] |
|
| (8) | Nominee of the Central Board of Direct Taxes | member
(shall hold office upto 28.8.2004) [nominated under clause (g) of sub-section (2) of section 210A] |
|
| (9) | Nominee of the Associated Chambers of Commerce and Industry | member
(shall hold office upto 28.8.2004) [nominated under clause (h) of sub-section (2) of section 210A] |
|
| (10) | Nominee of the PHD Chambers of Commerce and Industry | member
(shall hold office upto 28.8.2004) [nominated under clause (h) of sub-section (2) of section 210A] |
|
| (11) | Nominee of the Securities and Exchange Board of India | member
(shall hold office upto 28.8.2004) [nominated under clause (I) of sub-section (2) of section 210A] |
|
| (12) | Joint Secretary,
Department of Company Affairs |
member
(shall hold office upto 28.8.2004) [nominated under clause (c) of sub-section (2) of section 210A] |
|
2. This notification shall take effect from the date of publication in the Official Gazette.
[F.No.1/5/2001-CL.V]
