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<h1>India Forms National Advisory Committee on Accounting Standards Under Companies Act, 1956 for Policy Guidance</h1> The Government of India has established the National Advisory Committee on Accounting Standards under the Companies Act, 1956. This committee is tasked with advising the Central Government on formulating and implementing accounting policies and standards for companies. The committee comprises various members, including representatives from the Institute of Chartered Accountants, Institute of Company Secretaries, Institute of Cost and Works Accountants, Reserve Bank of India, and other industry and academic experts. Each member is appointed for a one-year term, and the notification is effective from its publication date in the Official Gazette.