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133 Central Government to prescribe accounting standards.

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Section 133 of Companies Act 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, in consultation with and after examination of the recommendations made by the National Financial Reporting Authority.

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Short Notes:

  • This section came into force from September 12, 2013
  • It seeks to provide that the Central Government may, after consultation with the National Financial Reporting Authority, prescribe the accounting standards as recommended by the ICAI for adoption by companies.

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