Not considering changes in Accounting Standards under Companies Act, 1956: Sachin Pilot

NEW DELHI: The government at present is not considering making amendments to Accounting Standards under the Companies Act, 1956.

"Examination of various rules and Accounting Standards under the Companies Act, 1956, is an ongoing process. The Accounting Standards are amended from time to time keeping in view the requirements of the situation," Minister of Corporate Affairs Sachin Pilot informed the Lok Sabha.

"No amendment to the Standards is currently being considered," he added.

To a question on whether the government has bought out a ' Legal Compliance Manual' to help the companies get acquainted with the laws and norms of corporate governance, the minister replied in negative.

However, he said that the " Indian Institute of Corporate Affairs, as part of its MOU with an agency had facilitated the release of a ready reckoner for acquainting stakeholders with various laws including Companies Act, 1956".