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<h1>Transitional Provisions: Old Accounting Standards Apply Until New Ones Specified Under Section 133 & Authority Established Under Section 132.</h1> The Companies (Accounts) Rules, 2014, provide transitional provisions for accounting standards. Until new standards are specified by the Central Government under section 133, the standards under the Companies Act, 1956, remain applicable. Additionally, until the National Financial Reporting Authority is established under section 132, the Central Government can prescribe accounting standards or amendments based on recommendations from the Institute of Chartered Accountants of India, in consultation with the National Advisory Committee on Accounting Standards, as constituted under section 210A of the Companies Act, 1956.