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Section 133 of the Companies Act 2013: Central Government to Prescribe Accounting Standards

SECTION-133 (Central Government to Prescribe Accounting Standards) under CHAPTER-IX (Accounts of Companies) of the Companies Act, 2013

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.

Provided that until the National Financial Reporting Authority is constituted under section 132 of the Companies Act, 2013 (18 of 2013), 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 (38 of 1949), in consultation with and after examination of the recommendations made by National Advisory Committee on Accounting Standards constituted under section 210 A of the Companies Act, 1956.





Extra Notes for Readers

(1) The Companies Act, 2013 received the assent of the President on the 29th August, 2013 (Published in the Gazette of India, Extraordinary, Part II - Section 1 by Ministry of Law and Justice, Legislative Department on 30th August, 2013) - link


(2) Section 133 of the Companies Act 2013 was notified by MCA Notification S.O. 2754(E) dated 12th September 2013 (w.e.f. 12th September 2013) - link

(3) The proviso to section 133 was inserted by the Companies (Removal of Difficulties) Second Order, 2016 (w.e.f. 1st April, 2015) - link

(4) Further, refer the Companies (Accounts) Rules, 2014 - link
[Also check amendments, if any, to the Companies (Accounts) Rules, 2014]






This page was last updated on 20th March, 2017.

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