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of <h1>Government Forms National Advisory Committee to Advise on Accounting Standards Under Companies Act 1956.</h1> The Central Government, under the Companies Act, 1956, has established the National Advisory Committee on Accounting Standards to advise on accounting policies and standards for companies. The committee includes representatives from various professional and industry bodies, such as the Institute of Chartered Accountants of India, the Reserve Bank of India, and the Securities Exchange Board of India. The members will serve for two years or until the National Financial Reporting Authority is established under the Companies Act, 2013. The notification became effective upon its publication in the Official Gazette.
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