Rule 7 Transitional provisions with respect to Accounting Standards
(1) The standards of accounting as specified under the Companies ActDefined in rule 2(a): Act means the Companies Act, 2013 (18 of 2013), 1956 (1 of 1956) shall be deemed to be the accounting standards until accounting standards are specified by the Central Government under section 133.
(2) Till the National Financial Reporting Authority is constituted under sectionDefined in rule 2(f): section means the section of the Act; (2) The words and expressions used in these rules but not defined and defined in the Act or in the Companies (Specification of definitions details) Rules, 2014, shall have the meanings respectively assigned to them in the Act or in the said Rules. 1. Ins. by G.S.R. 680(E), dated... 132 of the ActDefined in rule 2(a): Act means the Companies Act, 2013 (18 of 2013), the Central Government may prescribe the standards of accounting or any addendum thereto, as recommended by the Institute of Chartered Accountants of India in consultation with and after examination of the recommendations made by the National Advisory Committee on Accounting Standards constituted under sectionDefined in rule 2(f): section means the section of the Act; (2) The words and expressions used in these rules but not defined and defined in the Act or in the Companies (Specification of definitions details) Rules, 2014, shall have the meanings respectively assigned to them in the Act or in the said Rules. 1. Ins. by G.S.R. 680(E), dated... 210A of the Companies ActDefined in rule 2(a): Act means the Companies Act, 2013 (18 of 2013), 1956 (1 of 1956).