{"id":16492,"date":"2020-07-22T10:57:46","date_gmt":"2020-07-22T05:27:46","guid":{"rendered":"https:\/\/factly.forumias.com\/?p=16492"},"modified":"2020-07-22T10:57:46","modified_gmt":"2020-07-22T05:27:46","slug":"nfra-constitutes-technical-advisory-committee","status":"publish","type":"post","link":"https:\/\/forumias.com\/blog\/nfra-constitutes-technical-advisory-committee\/","title":{"rendered":"NFRA constitutes technical advisory committee"},"content":{"rendered":"\n<p><strong>News: <\/strong>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.<\/p>\n\n\n\n<p><strong>Facts:<\/strong><\/p>\n\n\n\n<ul class=\"wp-block-list\"><li><strong>National Financial Reporting Authority(NFRA): <\/strong>It is an audit regulator constituted in 2018 by the Government of India under section 132(1) of the Companies Act, 2013.<\/li><li><strong>Composition: <\/strong>The regulator will have 15 members including a chairperson, three full-time members and others as part-time members.<\/li><li><strong>Functions and Duties:<\/strong><ul><li>Recommend accounting and auditing policies and standards to be adopted by companies for approval by the Central Government;<\/li><li>Monitor and enforce compliance with accounting standards and auditing standards;<\/li><li>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.<\/li><\/ul><\/li><li><strong>Powers: <\/strong>It can undertake investigation and impose penalties related to the following class of companies and bodies corporate namely:<ul><li>Companies whose securities are listed on any stock exchange in India or outside India.<\/li><li>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.<\/li><li>Insurance companies, banking companies and companies engaged in the generation or supply of electricity.<\/li><\/ul><\/li><\/ul>\n","protected":false},"excerpt":{"rendered":"<p>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&hellip; <a class=\"more-link\" href=\"https:\/\/forumias.com\/blog\/nfra-constitutes-technical-advisory-committee\/\">Continue reading <span class=\"screen-reader-text\">NFRA constitutes technical advisory committee<\/span><\/a><\/p>\n","protected":false},"author":61,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"jetpack_post_was_ever_published":false,"footnotes":""},"categories":[3127],"tags":[3973],"class_list":["post-16492","post","type-post","status-publish","format-standard","hentry","category-economy","tag-nfra","entry"],"jetpack_featured_media_url":"","views":{"total":0,"cached_at":1700783394,"cached_date":1703863005},"jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/posts\/16492","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/users\/61"}],"replies":[{"embeddable":true,"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/comments?post=16492"}],"version-history":[{"count":0,"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/posts\/16492\/revisions"}],"wp:attachment":[{"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/media?parent=16492"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/categories?post=16492"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/tags?post=16492"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}