Financial Daily from THE HINDU group of publications
Tuesday, Nov 30, 2004
Financial Daily from THE HINDU group of publications Tuesday, Nov 30, 2004 |
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Corporate
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Accounting Standards Recommendations on accounting standards to be notified soon Richa Mishra
New Delhi , Nov. 29 THE accounting standards (AS) recommended by the National Advisory Committee on Accounting Standards (NACAS) may get the legal sanctity by December this year. Mr Prem Chand Gupta, Minister of Company Affairs (MCA) (Independent-charge), told Business Line, "The recommendations are being examined and the notification in this regard will be issued shortly." Commenting on the delay sources said, "NACAS has also recommended for grant of exemptions from certain accounting standards to small and medium companies (SMCs) and the issue is being examined by the Government. This issue may require consideration from a larger perspective as indicated in the Concept Paper for comprehensive review of the Companies Act." Further, the delay in notifying NACAS does not directly hamper the corporate functioning as the Act provides legal sanctity to the accounting standards brought out by the Institute of Chartered Accountants of India (ICAI), they pointed out. As part of initiative for effective corporate governance, the Government had made compliance with accounting standards brought out by ICAI mandatory for companies. Further, to advise the Central Government on formulation and laying down of accounting standards for adoption by companies it had provided for constitution of NACAS in the Companies Act.
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