11 January 2011
CARO - It shall come into force on the 1st day of July, 2003.
section 227 (3) (d) -the profit and loss account and balance sheet comply with the accounting standards referred to in sub-section (3C) of section 211;]
Accounting Standards Referred in here are as notified by NACAS (Constituted u/s 210A of Companies,Act,1956) and are very Similar to those issued by ICAI.