CMA Intermediate · Financial Accounting · Accounting of Limited Liability Partnership
Under Section 34A of the LLP Act, 2008, accounting standards for a class of LLPs are prescribed by:
The Central Government prescribes accounting standards for a class or classes of LLPs, in consultation with the National Financial Reporting Authority and as recommended by the Institute of Chartered Accountants of India, under Section 34A.
- AThe Central Government, in consultation with the NFRA, as recommended by the ICAICorrect
- BThe Registrar of Companies on his own
- CThe Institute of Cost Accountants of India alone
- DThe designated partners of each LLP
Explanation
Section 34A empowers the Central Government, in consultation with the National Financial Reporting Authority, to prescribe accounting and auditing standards as recommended by the ICAI for a class or classes of LLPs. The other bodies have no such power under that section.
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