Government has said that the examination of various rules and Accounting Standards under the Companies Act, 1956 is an ongoing process. Giving this information in written reply to a question in the Lok Sabha Shri Sachin Pilot, Minister of Corporate Affairs, said that the Accounting Standards are amended from time to time keeping in view the requirements of the situation. However, no amendment to the Standards is currently being considered.
Shri Pilot also informed the House that the Government has not brought out any Legal Compliance Manual. However, the Indian Institute of Corporate Affairs, as part of its MOU with an agency had facilitated the release of a ready reckoner for acquainting stakeholders with various laws including Companies Act, 1956.