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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 ]
The Ind AS are named and numbered in the same way as the International Financial Reporting Standards (IFRS). 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 ...
Standards on Key Concepts, Standards on Engagement Management, Standards on the Executing Assignments, Standards on Specialised Areas, and; Standards on Quality Control. Based on the report of forensic auditor appointed by banks the latter declares an account as fraud or wilful defaulter [5] and such procedure was missing earlier. [2]
Download as PDF; Printable version; In other projects ... Audit and Assurance Standards issued by ICAI; G. ... Statements on Auditing Standards (United States) System ...
According to Section 132 of the Companies Act 2013, "NFRA is responsible for recommending accounting and auditing policies and standards in the country, undertaking investigations, and imposing sanctions against defaulting auditors and audit firms in the form of monetary penalties and debarment from practice for up to 10 years." [4]
Auditing, Review and Other Standards (formerly known as AAS) are the standards issued by Institute of Chartered Accountants of India. [1] Companies Act 2013 mandate the auditors to comply with auditing standards. [2]
AU [1] Section 150 states that there are ten standards: [2] three general standards, three fieldwork standards, and four reporting standards. These standards are issued and clarified Statements of Accounting Standards, with the first issued in 1972 to replace previous guidance. Typically, the first number of the AU section refers to which ...