ForumIAS announcing GS Foundation Program for UPSC CSE 2025-26 from 19 April. Click Here for more information.
ForumIAS Answer Writing Focus Group (AWFG) for Mains 2024 commencing from 24th June 2024. The Entrance Test for the program will be held on 28th April 2024 at 9 AM. To know more about the program visit: https://forumias.com/blog/awfg2024
News: National Financial Reporting Authority(NFRA) has constituted a Technical Advisory Committee(TAC) under chairmanship of R.Narayanaswamy to aid and advise NFRA on issues related to the drafts of accounting standards and auditing standards.
Facts:
- National Financial Reporting Authority(NFRA): It is an audit regulator constituted in 2018 by the Government of India under section 132(1) of the Companies Act, 2013.
- Composition: The regulator will have 15 members including a chairperson, three full-time members and others as part-time members.
- 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 quality of service of the professions associated with ensuring compliance with such standards and suggest measures for improvement in the quality of service.
- Powers: It can undertake investigation and impose penalties related to the following class of companies and bodies corporate namely:
- Companies whose securities are listed on any stock exchange in India or outside India.
- Unlisted public companies having paid-up capital of not less than Rs. 500 crores or having annual turnover of not less than Rs. 1,000 crores.
- Insurance companies, banking companies and companies engaged in the generation or supply of electricity.
