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of <h1>Central Government's power under Section 133 to set company accounting standards on expert body recommendations explained</h1> Central Government is empowered to prescribe accounting standards and any addendum applicable to companies, based on recommendations of the Institute of Chartered Accountants of India. These standards must be framed in consultation with, and after examining, the recommendations of the National Financial Reporting Authority. Until the National Financial Reporting Authority is constituted under the Companies Act, 2013, the Central Government may prescribe such standards or addenda in consultation with, and after examining, the recommendations of the National Advisory Committee on Accounting Standards constituted under the Companies Act, 1956. This provision establishes the formal mechanism for setting and updating company accounting standards in India.
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