law: Companies Act, 2013 
  133.
  
    Central
  
  Government to prescribe accounting standards.
  The
  
  Central Government may prescribe the standards of accounting or any addendum
  
  thereto, as recommended by the Institute of Chartered Accountants of India,
  
  constituted under section 3 of the Chartered Accountants Act, 1949, in
  
  consultation with and after examination of the recommendations made by the
  
  National Financial Reporting Authority.