Section 6(1) in National Financial Reporting Authority Rules, 2018
(1)For the purpose of recommending accounting standards or auditing standards for approval by the Central Government, the Authority -(a)shall receive recommendations from the Institute of Chartered Accountants of India on proposals for new accounting standards or auditing standards or for amendments to existing accounting standards or auditing standards;(b)may seek additional information from the Institute of Chartered Accountants of India on the recommendations received under clause (a), if required.
