The Corporate Affairs Ministry has constituted a National Advisory Committee on Accounting Standards under the chairmanship of Amarjit Chopra to advise the Central Government on the formulation and laying down of accounting policies and accounting standards. Besides Chopra, who is a former CA Institute President, the committee will have 12-other members including nominees of industry bodies — CII, FICCI and Assocham — and regulatory bodies such as RBI and SEBI. The panel Chairman and members will have a term of one year from September 18 or till the constitution of the National Financial Reporting Authority, whichever is earlier.
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