National Financial Reporting Authority (NFRA)
#GS3 #AUTHORITIES IN NEWS
- The National Financial Reporting Authority (NFRA) has established a Technical Advisory Committee (TAC) to supply NFRA with inputs from the attitude of varied key stakeholders.
- The TAC has undertaken a consultative exercise to review NFRA’s engagement with its stakeholders, and has, in its report of March 2021.
- It was constituted in 2018 by the govt. of India under Sub Section (1) of section 132 of the companies Act, 2013.
- It aims to drive systemic change within the Indian Financial Reporting System for Public Interest Entities (PIEs).
- NFRA has identified engagement with various categories of stakeholders as central in its strategy to deliver on its public interest mandate.
Functions and Duties
- Recommend accounting and auditing policies and standards to be adopted by companies for approval by the Central Government.
- Monitor and enforce compliance with accounting standards and auditing standards.
- Oversee the standard of service of the professions related to ensuring compliance with such standards and suggest measures for improvement within the quality of service.
- Perform such other functions and duties as could also be necessary or accompanying the aforesaid functions and duties.