MCA vide order no. S.O._ (E) on Tuesday, the 29th March, 2016, has came out with Companies Removal of Difficulties Second order, 2016, in section 133, the following proviso shall be inserted, namely:-
“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 210 A of the Companies Act,1956”.
The said order shall be deemed to have come into force from the 01.04.2015 and the same shall be accessed at the following link: Order_S.O. (E)_Companies Removal of Difficulties 2nd order_29.03.2016