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of <h1>India Forms National Advisory Committee on Accounting Standards Under Companies Act 1956 to Guide Govt on Policies.</h1> The Government of India, through the Ministry of Corporate Affairs, has established the National Advisory Committee on Accounting Standards under the Companies Act 1956. This committee is tasked with advising the Central Government on accounting policies and standards for companies. The committee comprises various members, including representatives from professional accounting bodies, government departments, and industry associations. The Chairperson and members will serve for two years or until the National Financial Reporting Authority is constituted under the Companies Act 2013. This notification took effect on 18th September 2014.
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