Economy

Reconstituted Accounting panel to hold meeting on Oct. 11

K. R. Srivats New Delhi | Updated on October 01, 2014 Published on October 01, 2014


The recently reconstituted National Advisory Committee on Accounting Standards (NACAS) will hold its first meeting on October 11, its Chairman Amarjit Chopra has said.

This meeting -- to be held in the capital -- will reiterate Government's commitment made in the budget as regards adoption of IFRS converged standards by Indian companies.

Finance Minister Arun Jaitley had in his maiden budget speech announced that Indian companies will adopt IFRS converged standards from financial year 2016-17, and voluntarily from 2015-16.

IFRS stands for International Financial Reporting Standards (IFRS), a set of internationally recognised accounting standards.

Chopra also said the NACAS meeting will discuss the hurdles foreseen today in the implementation of IFRS.

"There are definition related issues that need to be addressed. There are differences between the definition specified in the accounting standards and the Companies Act. A case in point being definition of

related party transaction", Chopra told Business Line here.

The Centre had on September 18 constituted 13-member NACAS including representatives of chambers of commerce and some regulatory bodies.

The main purpose of setting up NACAS is to advise the central government on the formulation and laying down of accounting policies and accounting standards.

While Confederation of Indian Industry has nominated Rostow Ravanan to NACAS, industry body Assocham has nominated Ashok Haldia (former CA Institute Secretary) to the Panel.

Adesh Gupta is the nominee of federation of Indian chambers of commerce and industry in NACAS.

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Published on October 01, 2014
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