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National Financial Reporting Authority (NFRA)

  • Published
    17th Sep, 2021

Write a note on the objectives and significance of the National Financial Reporting Authority. (150 Words)

Approach:

  • Introduce by describing National Financial Reporting Authority, its formation under Companies act, 2013
  • Give a background on the need for NFRA (Eg. Satyam scandal)
  • Enumerate the objectives of NFRA
  • Discuss the significance if having an independent regulator to oversee the auditing profession and accounting standards in India
  • Contrast NFRA with ICAI
  • Way Forward / Conclusion
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