Difference between accounting standards issued by icai and mca?

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Mahaveer Lunawath (Querist)
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05 September 2014 what is the actual difference between accounting standards issued by ICAI and MCA apart from former being for non corporates and later for corporates.

CS,CA F,Numrologi TusharSampat

CS,CA F,Numrologi TusharSampat (Expert)
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05 September 2014 its always issued by icai after consultation and recommendation by icai as icai cannot notify the same only mca can do so

Ankur Garg

Ankur Garg (Expert)
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06 September 2014 Ministry of corporate affairs has no role to play in Accounting standards.

Issue of AS is the prarogative of ICAI.

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CS,CA F,Numrologi TusharSampat

CS,CA F,Numrologi TusharSampat (Expert)
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08 September 2014 sir pls refer to the preface AS as it clearly says that MCA on recommendation of council of icai AS in india is issued and icai have no statutory powers to notify the same as the power rest with MCA pls refer old co act 1956 provision of sec 211