Press Information Bureau

Government of India

Ministry of Corporate Affairs

30-November-2012 18:54 IST

Government has said that the examination of various rules and Accounting Standards under the Companies Act, 1956 is an ongoing process. Giving this information in written reply to a question in the Lok Sabha Shri Sachin Pilot, Minister of Corporate Affairs, said that the Accounting Standards are amended from time to time keeping in view the requirements of the situation. However, no amendment to the Standards is currently being considered.

Shri Pilot also informed the House that the Government has not brought out any Legal Compliance Manual. However, the Indian Institute of Corporate Affairs, as part of its MOU with an agency had facilitated the release of a ready reckoner for acquainting stakeholders with various laws including Companies Act, 1956.

------------------------

KKP

Accounting Standards review continues, amendments occur as needed but none are presently under consideration; guidance provided via ready reckoner. Examination and periodic revision of Accounting Standards and related rules is an ongoing regulatory process, with amendments made as situation requires though none are currently proposed. No government-issued Legal Compliance Manual exists; regulatory facilitation has occurred through a supported ready reckoner to acquaint stakeholders with applicable laws and compliance practices.