Govt readies accounting draft

The government on Tuesday said the draft accounting standards for companies is ready and the same would be notified after getting necessary clearance from government agencies within the current financial year.

The draft, which has been prepared by the National Advisory Committee on Accounting Standards, seeks to advise the government on formulating and laying down accounting policies and standards.

A government release said the draft is currently being examined by the ministry of company affairs in consultation with the law ministry.

Once finalised, this would enable notification of 27 accounting standards, it added.