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The Corporate Affairs Ministry has extended the tenure of the 13-member National Advisory Committee on Accounting Standards (NACAS).
The advisory panel’s term will end on September 17 next year or till the constitution of the National Financial Reporting Authority (NFRA), whichever is earlier, according to an order. The main purpose of setting up NACAS was to advise the Central government on the formulation and laying down of accounting policies and standards.
In September last year, the Centre had reconstituted NACAS under the Chairmanship of Amarjit Chopra. The Ministry has also nominated Pramod Kumar Bhattad, President of the Institute of Cost Accountants of India, and Manoj Fadnis, President of the Institute of Chartered Accountants of India (ICAI), as members of NACAS. They have come in the place of the earlier nominees of the two institutes. The Comptroller and Auditor General of India also gets to nominate its Director General (Commercial) as a Member.
The extension of the term of NACAS would mean that the advisory body will get to sort out IFRS implementation issues, accountancy experts said.
Meanwhile, there is huge uncertainty over India converging with IFRS from April 1 next year as the Government is yet to take a stand on adopting the all important revenue recognition standard (Ind AS 115). “Due to fluidity in the applicability of the revenue recognition standard under Ind-AS (as a result of the deferral proposed by NACAS to the Ministry last month), companies are eagerly waiting for some guidance on the matter,” said Vishal Seth, Managing Director and Leader IFRS and Financial Reporting Advisory, Protiviti India.
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