Rule 6 Recommending accounting standards and auditing standards
(1) For the purpose of recommending accounting standardsDefined in rule 2(a): accounting standards means the 'accounting standards' as defined in clause (2) of section 2 of the Act: or auditing standardsDefined in rule 2(c): auditing standards means the 'auditing standards' as defined in clause (7) of section 2 of the Act for approval by the Central Government, the Authority-
(a) shall receive recommendations from the Institute of Chartered Accountants of India on proposals for new accounting standardsDefined in rule 2(a): accounting standards means the 'accounting standards' as defined in clause (2) of section 2 of the Act: or auditing standardsDefined in rule 2(c): auditing standards means the 'auditing standards' as defined in clause (7) of section 2 of the Act or for amendments to existing accounting standardsDefined in rule 2(a): accounting standards means the 'accounting standards' as defined in clause (2) of section 2 of the Act: or auditing standardsDefined in rule 2(c): auditing standards means the 'auditing standards' as defined in clause (7) of section 2 of the Act.
(b) may seek additional information from the Institute of Chartered Accountants of India on the recommendations received under clause (a), if required.
(2) The AuthorityDefined in rule 2(e): Authority means the National Financial Reporting Authority constituted under sub section (1) of section 132 of the Act shall consider the recommendations and additional information in such manner as it deems fit before making recommendations to the Central Government.