Who has statutory authority to prescribe accounting standards under section 133 of the Companies Act, 2013?
Question and options
Who has statutory authority to prescribe accounting standards under section 133 of the Companies Act, 2013?
SEBI
Central Government
The company’s statutory auditor
ICAI acting alone
Answer and explanation
Section 133 of the Companies Act, 2013 empowers the Central Government to prescribe accounting standards as recommended by the Institute of Chartered Accountants of India, in consultation with and after examination of the recommendations of the National Financial Reporting Authority. The ICAI only recommends.
Practice for these exams
-
All India Bar Examination (AIBE)
Subject revision
See pack details on LawMint.net -
UGC NET Law
Subject revision
See pack details on LawMint.net -
IIT Kharagpur LL.M. Entrance
Subject revision
See pack details on LawMint.net -
CLAT PG
Subject revision for a passage-based exam
-
CUET PG Law (LL.M.)
Subject revision
-
AILET PG
Subject revision
-
Bihar Judicial Services
Subject revision
Related exam syllabi
More solved explanations in Accounts, audit & CSR
- Under the Companies (Cost Records and Audit) Rules, 2014, to whom must a cost auditor first forward the signed cost audit report?
- A company’s first auditor was appointed under section 139(6) of the Companies Act, 2013 within thirty days of registration. Which body does the proviso to section…
- The board of a non-government company fails to appoint the first auditor within thirty days of registration, as section 139(6) of the Companies Act, 2013 requires.…
- The provisions governing Corporate Social Responsibility are covered under section _______ of Companies Act, 2013.
- Which one of the following is NOT a source of funding for the Investor Education and Protection Fund (IEPF) under the Companies Act, 2013?