CHAPTER IX
ACCOUNTS OF COMPANIES

[Section 133 is brought to force with effect from September 12, 2013.]

Central Government to prescribe accounting standards.

1. The Central Government may prescribe the standards of accounting or any addendum thereto, as recommended by the Institute of Chartered Accountants of India, constituted under section 3 of the Chartered Accountants Act, 1949, in consultation with and after examination of the recommendations made by the National Financial Reporting Authority.