Strengthening of National Advisory Committee on Accounting Standards

The Minister of Corporate Affairs, Shri Salman Khurshid, recently informed the Parliament that the Parliamentary Standing Committee on Finance has recommended that the National Advisory Committee on Accounting Standards (NACAS) may be institutionalized not only as a body for setting up Accounting Standards but also as a quasi-regulatory body for generally supervising the quality of audit undertaken. Giving this information in written reply to a question in the Rajya Sabha Shri Khurshid said that the report of the Standing Committee is under examination.