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of <h1>Central Government Authorized to Set Accounting Standards for Companies Under Clause 133 of Companies Bill, 2011</h1> The Central Government is authorized to prescribe accounting standards for companies, as outlined in Clause 133 of the Companies Bill, 2011. These standards are to be based on recommendations from the Institute of Chartered Accountants of India, established under the Chartered Accountants Act, 1949. The process involves consultation with and examination of recommendations by the National Financial Reporting Authority.
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