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The draft accounting standards proposed to be notified for the companies is ready. It has been prepared by the National Advisory Committee on Accounting Standards (NACAS). The draft seeks to advise the Government on formulating and laying down accounting policies and standards.
The NACAS’s report is currently being examined by the Ministry of Company Affairs in consultation with the Law Ministry. Once finalised, this would enable the notification of 27 Accounting Standards. The work is expected to be completed within the current financial year.
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