National Financial Reporting Authority seeks on consultation paper on NFRA’s engagement

  • Published
    10th Jun, 2021

GS-II: Polity and Governance

  • Statutory, Regulatory and various Quasi-judicial Bodies
Context

National Financial Reporting Authority (NFRA) has set up a Technical Advisory Committee (TAC) to provide NFRA with inputs from the perspective of various 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, recommended ways to enhance the same.

Prelims question:

Which of the following statements regarding National Financial Reporting Authority are correct?

  1. NFRA is a statutory body constituted under Company’s Act, 2013.
  2. The body has same powers as are vested in Civil Court under Code of Civil Procedure.
  3. It has suo motu power to investigate misconduct committed by a firm of chartered accountants.

Select the correct answer using the code given below:

  • A.
  • B.
  • C.
  • D.

Mains Question:

“The transparency is financial reporting is the reflection of quality of corporate governance within an organization.” Comment (150 words)

X

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