Companies (Accounting Standards) Rules introduce new accounting standards, superseding prior rules and commencing on Gazette publication. The Companies (Accounting Standards) Rules, 2021 prescribe a new framework for accounting standards by exercise of statutory authority, expressly superseding the Companies (Accounting Standards) Rules, 2006 except insofar as prior acts remain effective. The notification reflects consultation with the National Financial Reporting Authority and provides that the rules commence on the date of their publication in the Official Gazette.