Section 133: Central Government to prescribe accounting standards

Companies Act, 2013 · Chapter IX: Accounts Of Companies · In force

This section allows the Central Government to prescribe accounting standards based on recommendations from the Institute of Chartered Accountants of India.

The section, clause by clause

What the section says

In plain terms

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 (38 of 1949), in consultation with and after examination of the recommendations made by the National Financial Reporting Authority:

proviso1[Provided that until the National Financial Reporting Authority is constituted under section 132 of the Companies Act, 2013 (18 of 2013), 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 (38 of 1949), in consultation with and after examination of the recommendations made by National Advisory Committee on Accounting Standards constituted under section 210A of the Companies Act, 1956 (1 of 1956).]

The right-hand column is written from the section text, not quoted from it, and it has no legal force. Where the two differ, the left-hand column is the law.

Amendment notes

1. Ins. by notification No. S.O. 1227(E), dated 29th March, 2016 (w.e.f 1-4-2015).
2. Subs. by Act 1 of 2018, s. 36, sub-section (1) (w.e.f. 31-7-2018).
3. Subs. by s. 36, ibid., for clause (a) (w.e.f. 31-7-2018).
4. Ins. by Act 21 of 2015, s. 12 (w.e.f. 29-5-2015).

This section refers to

s. 3 Formation of company s. 132 Constitution of National Financial Reporting Authority

Referred to by

s. 2 Definitions s. 52 Application of premiums received on issue of shares s. 55 Issue and redemption of preference shares s. 66 Reduction of share capital s. 230 Power to compromise or make arrangements with creditors and members s. 232 Merger and amalgamation of companies

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Reproduced from the official India Code print for reference. Check the current text on India Code before you rely on it, and read the section alongside its Rules. Nothing here is legal advice.