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National Financial Reporting Authority (NFRA) recommend these standards to the Ministry of Corporate Affairs (MCA). MCA has to spell out the accounting standards applicable [1] for companies in India. As on date MCA has notified 40 Ind AS (Ind AS 11 is omitted by companies).
It can only consider accounting standards recommended by ICAI and advise the Government of India to notify them under the Companies Act, 2013. Further, the Accounting Standards so notified are applicable only to companies registered under the companies act, 2013. For all other entities, the accounting standards issued the ICAI continue to apply.
National Advisory Committee on Accounting Standards (NACAS) is a body set up under section 210A of the Companies Act, 1956 by the Government of India. It advises the Central Government on the formulation and laying down of accounting policy and accounting standards for adoption by companies . [ 1 ]
Logo: Responsible Business India. India's National Voluntary Guidelines on Social, Environmental and Economic Responsibilities of Business (NVGs) [1] were released by the Ministry of Corporate Affairs (MCA) [2] in July 2011 by Mr. Murli Deora, the former Honourable Minister for Corporate Affairs.
The Ministry of Corporate Affairs thereafter published a notification exempting private companies from the ambit of various sections under the act. [ 4 ] The Act increased the responsibilities of corporate executives in the information technology sector, increasing India's safeguards against organised cybercrime by allowing CEOs and CTOs to be ...
The guidelines are being drafted after consulting RBI, Ministry of corporate affairs, the comptroller and auditor general of India, and the Securities and Exchange Board of India. It is planned that Forensic Accounting and Investigation Standards will have 30 standards covering all the aspects.
CMA Logo for exclusive use by Indian CMAs. This is the primary qualification of the ICMAI following completion of up to three levels (Foundation, Intermediate, and Final) examinations [9] and three years of practical training [10] in areas like Management Accounting, Cost Accounting, Financial Accounting, Taxation, Cost audits, GST audits, Internal audit, Corporate laws, etc. and enables an ...
Income Computation and Disclosure Standards (ICDS) were issued by the Government of India in exercise of powers conferred to it under section 145(2) of The Income Tax Act, 1961. The Ministry of Finance published 14 draft ICDS, out of which 10 ICDS were notified by the government on 31 March 2015. The government specified a deferment of one year ...