Financial Daily from THE HINDU group of publications
Tuesday, Sep 21, 2004
Financial Daily from THE HINDU group of publications Tuesday, Sep 21, 2004 |
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Corporate
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Accounting Standards Malegam to head national accounting standards panel
Richa Mishra
New Delhi , Sept. 20 IN a significant move, the Centre has constituted a 12-member National Advisory Committee on Accounting Standards (NACAS) under the chairmanship of Mr Y.H. Malegam, a chartered accountant. Although NACAS had, in the past, been set up for a term of one year, official sources said that the Chairman and the members of the committee, this time round, would hold office only up to February 28, 2005. NACAS has been constituted to advise the Centre on the formulation and laying down of accounting policies and standards for adoption by companies or a class of companies under the Companies Act. Besides Mr Malegam, the advisory committee would comprise the Presidents of the three professional institutes — representing chartered accountants, company secretaries and cost accountants. Further, it will also have a nominee each from the Securities and Exchange Board of India (SEBI), Reserve Bank of India (RBI), Comptroller & Auditor General of India (CAG), and the Central Board of Direct Taxes. Industry would be represented in the committee by a nominee each from the Associated Chambers of Commerce and Industry of India (Assocham) and PHD Chamber of Commerce and Industry (PHDCCI). Dr N. Balasubramanian from the Indian Institute of Management, Bangalore and a Joint Secretary from the Ministry of Company Affairs have also been appointed as members of the committee. Meanwhile, there is no official word as yet, on the fate of the earlier recommendations made by NACAS.
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