National Advisory Committee on Accounting Standards (NACAS) Re-constituted by MCA

MCA Notification on Re-constitution of National Advisory Committee on Accounting Standards (NACAS)

MCA has re-constituted the ‘National Advisory Committee on Accounting Standards (NACA)’, consisting of 13 Members, to advise the Central Government on the formulation and laying down of accounting policies and accounting standards for adoption by companies or class of companies under the Companies Act, 1956/ 2013.

NACAS was originally constituted in April, 2012 for a period up to February 28, 2013 under the Companies Act, 1956. Under the Companies Act 2013, the National Financial Regulatory Auhtority (NFRA) is envisaged but the same is yet to be notified and in the meantime NACAS has been re-constituted for a period of one year pending constitution of NFRA.

MCA Notification dt. 3 Oct. 2016 [F. No. 1/5/2001-CL-V (Part VI)] 

S.O. 3118(E).—In exercise of the powers conferred by sub-section (1) of section 210A of the Companies Act, 1956, (1 of 1956), the Central Government hereby constitutes an Advisory Committee to be called the National Advisory Committee on Accounting Standards, consisting of the following persons, to advise the Central Government on the formulation and laying down of accounting policies and accounting standards for adoption by companies or class of companies under the said Act or the Companies Act, 2013 (18 of 2013) as the case may be, namely:-

(1) Shri Amarjit Chopra, Chartered Accountant

Chairperson [nominated under clause (a) of sub-section (2) of section 210A]

(2) Shri Manas Kumar Thakur, President, Nominee of the Institute of Cost Accountants of India

Member [nominated under clause (b) of sub-section (2) of section 210A]

(3) Ms. Mamta Binani, President, Nominee of the Institute of Company Secretaries of India

Member [nominated under clause (b) of sub-section (2) of section 210A]

(4) Shri M. Devaraja Reddy, President, Nominee of the Institute of Chartered Accountants of India

Member [nominated under clause (b) of sub-section (2) of section 210A]

(5) Joint Secretary, Ministry of Corporate Affairs

Member [nominated under clause (c) of sub-section (2) of section 210A]

(6) Shri Sudarshan Sen, Chief General Manager-in-Charge, Nominee of the Reserve Bank of India

Member [nominated under clause (d) of sub-section (2) of section 210A]

(7) Director General (Commercial), Nominee of Comptroller and Auditor-General of India

Member [nominated under clause (e) of sub-section (2) of section 210A]

(8) Dr. Sanjeev Singhal, Former Associate Professor, FORE School of Management

Member [nominated under clause (f) of sub-section (2) of section 210A]

(9) Joint Secretary, TPL-II, Nominee of the Central Board of Direct Taxes

Member [nominated under clause (g) of sub-section (2) of section 210A]

(10) Shri Dipankar Chatterji, Nominee of the Confederation of Indian Industry

Member [nominated under clause (h) of sub-section (2) of section 210A]

(11) Shri Sushil Agarwal, Nominee of the Federation of Indian Chambers of Commerce and Industry

Member [nominated under clause (h) of sub-section (2) of section 210A]

(12) Dr. Ashok Haldia, Nominee of the Associated Chambers of Commerce and Industry of India

Member [nominated under clause (h) of sub-section (2) of section 210A]

(13) Executive Director, Nominee of Securities Exchange Board of India

Member [nominated under clause (i) of sub-section (2) of section 210A]

2. The Chairperson and members shall hold office for a period of one year from the date of publication of this notification in the Official Gazette or till the constitution of National Financial Reporting Authority under section 132 of the Companies Act, 2013 (18 of 2013), whichever is earlier.

3. This notification shall come into force on its publication in the Gazette*.

To view/ download pdf copy of said Notification of MCA, please refer the link below:

MCA Notification dt. 3 Oct. 2016

* Published in the Official Gazette on 3 Oct. 2016

Article/ Update Shared by:
CS Surinder Vashishtha, New Delhi Mobile: +91-9868074335; email:[email protected]

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