SUM1 PLEASE EXPLAIN THE ROLE OF NACAS IN THE FRAMING OF THE ACCOUNTING STANDARDS....
is NACAS formed to CORRECT/MODIFY the accounting standards framed by ICAI??...AND THEN THEY FORWARD THE MODIFIED STANDARDS TO THE MINISTRY....???
AFTER READING THE LANGUAGE IN ONE OF THE BOOKS I WAS ABLE TO DERIVE THE ABOVE CONCLUSION......PLEASE TELL ME IF IM RIGHT OR WRONG
see the following extracts;
"- AS are fomulated by ASB.
- Companies ACt gives recognition to AS's of ICAI in pursuant to Sec. 211(3C).
- It says that Center will consult with the NACAS and notify AS's to be applied on companies.
- Untill then ICAI 's AS's will remain the SAme for companies.
- On December 2006, CG notified 1-7 and 9-29 AS's for this purpose."
So in this context, for applying the AS's to the companies, NACAS is consulted.!!!!!!!!!
"On December 2006, CG notified 1-7 and 9-29 AS's for this purpose."
Sir can u pls tell me the notification number or any link where i can get the circular.
KK & Company Chartered Accountant
Pune
CA Inter
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