The Hindu Business Line : Accounting standards panel being reconstituted

TO ensure effective functioning of the National Advisory Committee on Accounting Standards (Nacas), the Department of Company Affairs (DCA) has asked the apex chambers to nominate alternatives for their nominees. The DCA is in the process of reconstituting Nacas, whose term expired in August this year.

Confirming that there would be changes in the composition of the 12-member Nacas, the DCA officials pointed out that the department was keen to get the names of the "alternatives" before going about the reconstitution of the Nacas. The law currently provides for two members to represent the chambers of commerce and industry in the Nacas.

Learning from past experience, DCA now wants the industry associations represented in the Nacas to suggest alternatives for their nominees.

"It was found that many meetings of the Nacas went unattended by the chamber representatives as they were, otherwise, busy. To avoid this kind of situation, the department has asked for alternative names. The Nacas' term has just ended. The notification for the reconstituted body will be issued shortly. There have been some changes in the composition,'' Government sources said.

The Nacas was constituted in late August 2001 for a period of one year, headed by Mr Y.H. Malegam. It was set up to advise the Government on the formulation and laying down of accounting policies and standards for adoption by companies or class of companies under the Companies Act, 1956.

The committee had submitted its report and recommended that the Centre may notify the accounting standards 1-23 of the Institute of Chartered Accountants of India (ICAI) as the specified standards that should be adopted by the companies under the Act.

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