The Centre has reconstituted the National Advisory Committee on Accounting Standards (NACAS).

The panel advises on accounting standards and policies to be followed by corporates.

The Corporate Affairs Ministry has now said that Mr M.M. Chitale, a Chartered Accountant, will be the Chairman of NACAS till February 28 next year. This would be a second stint for Mr Chitale at the helm of NACAS as he was appointed as Chairman for a period of one year in January last year.

The reconstituted NACAS will have 12 members including the Chairman. This panel will also have two special invitees -- Mr G. Ramaswamy, former ICAI President and Mr Suresh Senapati, CFO of Wipro.

This time round there has been only minimal change to the constituents of the panel with as many as seven members of last year's panel getting reappointed.

Those members who got reappointed include Mr P.R. Ravi Mohan, Chief General Manager of RBI (RBI nominee), Ms Usha Narayanan, Executive Director, SEBI, Mr Ashok Haldia (Assocham nominee), Mr S. Santhanakrishnan (CII nominee), Mr Sunil Gupta, Joint Secretary, CBDT and Ms Renuka Kumar, Joint Secretary, Ministry of Corporate Affairs. (The Hindu Business Line)