National advisory committee on accounting standards constituted to advise government on formulation and adoption of accounting policies. The Central Government constituted the National Advisory Committee on Accounting Standards under section 210A of the Companies Act, 1956 to advise on formulation and adoption of accounting policies and standards. The notification prescribes the Committee's advisory remit, lists membership categories and nominated representatives from professional bodies, regulators, industry chambers and academia, specifies each member's tenure as set out in the notification, and states that the constitution takes effect from publication in the Official Gazette.