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The Companies Act, 2013

Chapter IX - Accounts of Companies (128-138)

Section 133- Central Government to prescribe accounting standards.

[Notiifcation/Effective date: 12.09.2013] 

Section 133- Central Government to prescribe accounting standards. [Corresponds to Section 211 of the Companies Act, 1956]; [Relevant Rule: 7 of The Companies (Accounts) Rules, 2014]

The Central Government may prescribe - [Rule 7] 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.


The following proviso has been inserted after Section 133 - Order No S.O. 1227(E) dated 29.03.2016 [Effective on 01.04.2015]


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.