Accounting standards advisory committee to advise government on company accounting policies and standards; composition and terms specified. The Central Government may constitute the National Advisory Committee on Accounting Standards to advise on formulation and laying down of accounting policies and standards for companies; the Committee must make recommendations on accounting and auditing matters referred to it. Its composition includes a Chairperson of eminence, nominees from chartered accountants, cost accountants, company secretaries, government and regulatory representatives, an academic in accountancy or finance, the tax board chair or nominee, and representatives of chambers of commerce; terms, vacancy filling and non official members' allowances are determined by the Central Government.