National Advisory Committee on Accounting Standards (NACAS) is a body set up under section 210A of the

Companies Act, 1956 The Companies Act 1956 was an Act of the Parliament of India, enacted in 1956, which enabled companies to be formed by registration, and set out the responsibilities of companies, their directors and secretaries. It was repealed and replaced b ...

by the

Government of India The Government of India (ISO: ; often abbreviated as GoI), known as the Union Government or Central Government but often simply as the Centre, is the national government of the Republic of India, a federal democracy located in South Asia, c ...

. It advises the Central Government on the formulation and laying down of

accounting Accounting, also known as accountancy, is the measurement, processing, and communication of financial and non financial information about economic entities such as businesses and corporations. Accounting, which has been called the "languag ...

policy and

accounting standards Publicly traded companies typically are subject to rigorous standards. Small and midsized businesses often follow more simplified standards, plus any specific disclosures required by their specific lenders and shareholders. Some firms operate on th ...

for adoption by companies . The advisory committee shall consist of the following members, namely: 1. A chairperson who shall be a person of eminence well versed in accountancy, finance, business administration, business law, economics or similar Discipline; 2. One member each nominated by The Institute of Chartered Accountants of India constituted under the Chartered Accountants Act, 1949, The Institute of Cost and Work Accountants Act, 1959 and The Institute of Company Secretaries of India constituted under the Company secretaries Act 1980. 3. One representative each of the Central government, Reserve Bank of India, Comptroller & Auditor General of India to be nominated by it. 4. A person who holds or has held the office of professor in Accountancy, Finance or Business Management in any University or deemed university; 5. The Chairman of the Central Board of Direct Tax (India) constituted under the Central Board of Revenue Act, 1963 (India) or his nominee; 6. Two members to represent the chambers of commerce and industry to be nominated by The Central Government of India; and 7. One representative of the Security and Exchange Board of India to be nominated by it. Further, Institute of Chartered Accountants of India ( ICAI) has the responsibility of preparing the

and recommend them to NACAS CA.Amarjit Chopra is the current chairman of NACAS. He is a past president of

Institute of Chartered Accountants of India The Institute of Chartered Accountants of India (ICAI) is India's largest professional accounting body under the administrative control of Ministry of Corporate Affairs, Government of India. It was established on 1 July 1949 as a statutory bod ...

, ( ICAI). CA. M M Chitale and CA Y H Malegam have been Chairmen of NACAS in the past.

References

External links

* http://www.moneycontrol.com/news/management/ifrs-carve-outs_515230.html * http://www.livemint.com/articles/keywords.aspx?kw=National%20Advisory%20Committee%20on%20Accounting%20Standards * http://www.icai.org/resource_file/9548Indian%20Accounting%20Standards.pdf * http://timesofindia.indiatimes.com/city/vadodara/ICAI-NACAS-cross-swords-over-accounting-norms/articleshow/4331512.cms {{DEFAULTSORT:National Advisory Committee On Accounting Standards Accounting in India Accounting organizations