National Advisory Committee on Accounting Standards
Encyclopedia
National Advisory Committee on Accounting Standards (NACAS) is a body set up under section 210A of the Companies Act, 1956 by the Government of India
. It Advises the Central Government on the formulation and laying down of accounting policies and accounting standards for adoption by companies http://www.indiaprwire.com/pressrelease/financial-services/2006022553.htm. Institute of Chartered Accountants of India
(ICAI
) has the responsibility of preparing the accounting standards. CA.Y H Malegam is the current chairman of NACAS. He is a past president of Institute of Chartered Accountants of India
, (ICAI
). CA. M M Chitale will take charge as the chairman from February 2011. He is also a Chartered Accountant http://www.sify.com/finance/chitale-to-replace-malegam-as-accounting-standards-body-chief-news-news-lbybuxbicjg.html.
Government of India
The Government of India, officially known as the Union Government, and also known as the Central Government, was established by the Constitution of India, and is the governing authority of the union of 28 states and seven union territories, collectively called the Republic of India...
. It Advises the Central Government on the formulation and laying down of accounting policies and accounting standards for adoption by companies http://www.indiaprwire.com/pressrelease/financial-services/2006022553.htm. Institute of Chartered Accountants of India
Institute of Chartered Accountants of India
The Institute of Chartered Accountants of India is a national professional accounting body of India. It was established on 1 July 1949 as a body corporate under the Chartered Accountants Act, 1949 enacted by the Constituent Assembly of India to regulate the profession of Chartered Accountancy in...
(ICAI
ICAI
ICAI may stand for* Institute of Chartered Accountants of India* Institute of Chartered Accountants in Ireland* ICAI, Instituto Católico de Artes e Industrias of the Comillas Pontifical University in Madrid, Spain....
) has the responsibility of preparing the accounting standards. CA.Y H Malegam is the current chairman of NACAS. He is a past president of Institute of Chartered Accountants of India
Institute of Chartered Accountants of India
The Institute of Chartered Accountants of India is a national professional accounting body of India. It was established on 1 July 1949 as a body corporate under the Chartered Accountants Act, 1949 enacted by the Constituent Assembly of India to regulate the profession of Chartered Accountancy in...
, (ICAI
ICAI
ICAI may stand for* Institute of Chartered Accountants of India* Institute of Chartered Accountants in Ireland* ICAI, Instituto Católico de Artes e Industrias of the Comillas Pontifical University in Madrid, Spain....
). CA. M M Chitale will take charge as the chairman from February 2011. He is also a Chartered Accountant http://www.sify.com/finance/chitale-to-replace-malegam-as-accounting-standards-body-chief-news-news-lbybuxbicjg.html.
External links
- http://www.moneycontrol.com/news/management/ifrs-carve-outs_515230.html
- http://www.livemint.com/articles/keywords.aspx?kw=National%20Advisory%20Committee%20on%20Accounting%20Standards
- http://www.icai.org/resource_file/9548Indian%20Accounting%20Standards.pdf
- http://timesofindia.indiatimes.com/city/vadodara/ICAI-NACAS-cross-swords-over-accounting-norms/articleshow/4331512.cms