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of <h1>Central Government Authorized to Set LLP Accounting Standards Under Section 34A, Effective April 1, 2022.</h1> Section 34A of the Limited Liability Partnership Act, 2008, empowers the Central Government to establish accounting and auditing standards for limited liability partnerships (LLPs) in consultation with the National Financial Reporting Authority. These standards are to be recommended by the Institute of Chartered Accountants of India. This provision was introduced through the Limited Liability Partnership (Amendment) Act, 2021, effective from April 1, 2022.
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