• Investment World
• eWorld
• Catalyst
• Mentor
• Life
• Canvas
• Praxis
• Urban Pulse
• Brand Quest

Stocks

• Quotes
• SE Diary
• Scoreboard
• Open-End Mutual Fund

Cross Currency

• Rates
  
  

Shipping

• Ports
  
  

Archives

• Yesterday
• Datewise
• Resources

Group Sites

• The Hindu
• Business Line
• Sportstar
• Frontline
• The Hindu eBooks
• The Hindu Images

Richa Mishra
K.R. Srivats

New Delhi , Dec. 15

THE Centre hopes to notify the accounting standards recommended by the National Advisory Committee on Accounting Standards (NACAS) before the end of the current financial year.

"The Law Ministry is currently examining the recommendations of the NACAS. Discussions are on between the Ministry of Company Affairs and the Law Ministry on this issue," a senior Government official told Business Line.

The MCA had earlier indicated that the accounting standards recommended by the NACAS would be notified by the end of December.

However, issues such as special treatment for small and medium companies in the accounting standards have become a point of discussion between the two Ministries. The Law Ministry is understood to have raised certain queries on the need to have special treatments for small and medium enterprises.

The NACAS had recommended Accounting Standards 1-23 of the Institute of Chartered Accountants of India (ICAI), subject to certain modifications, for notification by the Central Government.

Speaking on the sidelines of the Institute of Company Secretaries of India (ICSI) Corporate Governance Award Function here on Wednesday, a MCA official said that the Ministry intends to come up with `concept rules' for the proposed company law, which is to be revamped. The rules should be ready by middle of January 2005 and placed before the Dr J.J. Irani Committee, which is examining the concept paper on company law, sources said.

In fact, the rules will also be placed for public debate. Meanwhile, at a panel discussion on Corporate Governance Mr Sunil Kant Munjal, President, Confederation of Indian Industry (CII), stressed that, "a calibrated approach is necessary for framing corporate governance standards in India while seeking to keep them in tune with the international standards."

Of the 25 short listed companies from different sectors, Hero Honda Motors Ltd and Wipro Ltd were conferred with the honour of the Best Governed Companies in the private sector.

Tamil Nadu Newsprint and Papers Ltd was conferred with the Best Governed Company in the public sector. The ICSI lifetime achievement award was conferred on Mr Keshub Mahindra, Chairman, Mahindra and Mahindra Ltd, for translating excellence in corporate governance into reality.

More Stories on : Accounting Standards | Policy

Article E-Mail :: Comment :: Syndication :: Printer Friendly Page

Stories in this Section
Merz Pharma to launch drug for Alzheimer's dementia

Copyright © 2004, The Hindu Business Line. Republication or redissemination of the contents of this screen are expressly prohibited without the written consent of The Hindu Business Line