The Ministry of Coprporate Affais has issued Notification No. S.O.(E) dated 03.10.2016 regarding National Advisory Committee on Accounting Standards.
Notification provides that in exercise of the powers conferred by sub-section 210A of the Companies Act, 1956, (1 of 1956), the Central Government hereby constitutes an Advisoty Committee to be called the National Advisory Committee on Accounting Standards consisting of the 13 members, to advise the Central Government on the formulation and laying down of accounting policies and accounting standards for adoption by companies or class of companies under the said act or the Companies Act, 2013 (18 of 2013) as the case may be.
For details please refer to MCA Notification Dated 03.10.2016- National Advisory Committee on Accounting Standards