On the basis of power under section 210A of the old companies Act 1956 , MCA has constituted National Advisory committee on accounting standard ( NACAS ) consisting of the various persons of repute to advise the Central Government on the formulation and laying down of accounting policies and accounting standards for adoption by companies or class of companies under the said Act.
All the members of the committee shall hold office for a period of one year from the date of publication of the notification or till the constitution of National Financial Reporting Authority (NFRA) under section 132 of the Companies Act, 2013, whichever is earlier.
The key members are as follows:-
1. President of ICAI , ICSI, ICMAI
2. Representative from Industry bodies – FICCI , CII & ASSOCHAM
3. Representative from MCA, SEBI , RBI , CAG , CBDT
http://www.mca.gov.in/Ministry/pdf/Amendment_Notification_18092014.pdf
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