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Companies (Removal of Difficulties) Second Order 2016

Companies Law - F. No. 17/45/2015-CL-V - Dated:- 29-3-2016 - MINISTRY OF CORPORATE AFFAIRS ORDER New Delhi, the 29th March, 2016 S.O. 1227(E). - Whereas, the Companies Act, 2013 (18 of 2013) (hereinafter referred to as the said Act) received the assent of the President on 29th August, 2013 and section 1 thereof came into force on the same date; And, whereas, section 133 provides that the Central Government may prescribe the standards of accounting or any addendum thereto, as recommended by the I .....

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cial Reporting Appellate Authority, has not been brought into force and it may take some time to bring said section into force; And, whereas, the National Advisory Committee on Accounting Standards, constituted under section 210A of the Companies Act, 1956 provides for advising the Central Government on the formulation and laying down of accounting policies and accounting standards for adoption by companies or class of companies; And, whereas, sub-section (3C) of section 211 of the Companies Act .....

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iculties have arisen regarding compliance with the provisions of section 133 in so far as they relate to consultation with National Financial Reporting Authority till the period it is duly constituted under section 132 of the said Act; And, whereas, on the basis of the recommendations of the National Advisory Committee on Accounting Standards, the Central Government issued the Companies (Indian Accounting Standards) Rules, 2015 with effect from 1st April, 2015 vide notification number G.S.R. 111 .....

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