Section 133:
Central Government to prescribe accounting standards
The Central Government may
prescribe the standards of accounting or any addendum thereto, as recommended by the Institute of
Chartered Accountants of India, constituted under section 3 of the Chartered Accountants Act, 1949
(38 of 1949), in consultation with and after examination of the recommendations made by the National
Financial Reporting Authority:
1[Provided that until the National Financial Reporting Authority is constituted under section 132 of
the Companies Act, 2013 (18 of 2013), the Central Government may prescribe the standards of
accounting or any addendum thereto, as recommended by the Institute of Chartered Accountants of India,
constituted under section 3 of the Chartered Accountants Act, 1949 (38 of 1949), in consultation with and
after examination of the recommendations made by National Advisory Committee on Accounting
Standards constituted under section 210A of the Companies Act, 1956 (1 of 1956).]
Notes:
1. Ins. by notification No. S.O. 1227(E), dated 29th March, 2016 (w.e.f 1-4-2015).