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Which Section of the Companies Act 2013 empowers the Central Government to prescribe accounting standards?
ASection 129
BSection 133
CSection 143
DSection 211
Answer & Solution
Correct answer: B. Section 133
1. Step 1: Per Ch 1, "as per Section 133 of the Companies Act 2013, the Central Government may prescribe the standards of accounting".
2. Step 2: This is done as recommended by ICAI in consultation with NFRA.
3. Step 3: Hence (B) is correct.
_Source: ICAI BoS CA Inter Paper 1, Ch 1 "Introduction to Accounting Standards"_