{"id":86391,"date":"2019-12-13T16:28:40","date_gmt":"2019-12-13T10:58:40","guid":{"rendered":"http:\/\/factly.forumias.com\/?p=12335"},"modified":"2019-12-13T16:28:40","modified_gmt":"2019-12-13T10:58:40","slug":"national-financial-reporting-authority-submits-first-report-since-constituted","status":"publish","type":"post","link":"https:\/\/forumias.com\/blog\/national-financial-reporting-authority-submits-first-report-since-constituted\/","title":{"rendered":"National Financial Reporting Authority submits first report since constituted"},"content":{"rendered":"\n<p><strong>News:<\/strong>The National Financial Reporting Authority(NFRA) has issued its first audit report of IL&amp;FS Financial Services Limited for the year 2017-18.<br><\/p>\n\n\n\n<p><strong>Facts:<\/strong><br><\/p>\n\n\n\n<p><strong>About NFRA:<\/strong><\/p>\n\n\n\n<ul class=\"wp-block-list\"><li>The National Financial Reporting Authority(NFRA) has been constituted in 2018 by the Government of India under section 132 of the Companies Act,2013.<\/li><li>The need for establishing NFRA was felt in the wake of accounting scams and to establish an independent regulator for enforcement of auditing standards and ensuring the quality of audits.<\/li><li>Further,due to the establishment of NFRA,India is also now eligible for the membership of International Forum of Independent Audit Regulators (IFIAR).<\/li><\/ul>\n\n\n\n<p><strong>Functions of NFRA:<\/strong><\/p>\n\n\n\n<ul class=\"wp-block-list\"><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><li>Perform such other functions and duties as may be necessary or incidental to the aforesaid functions and duties.<\/li><\/ul>\n\n\n\n<p><strong>Additional information:<\/strong><br><\/p>\n\n\n\n<p><strong>About IFIAR:<\/strong><\/p>\n\n\n\n<ul class=\"wp-block-list\"><li>International Forum of Independent Audit Regulators(IFIAR) is a global member organization established in 2006 at Paris.<\/li><li>It was established by independent audit regulators from 18 jurisdictions, IFIAR has now grown to 55 Members around the world<\/li><li>The mission of IFIAR is to serve the public interest including investors, by enhancing audit oversight globally.<\/li><\/ul>\n\n\n\n<p><strong>Companies Act,2013:<\/strong><\/p>\n\n\n\n<ul class=\"wp-block-list\"><li>The Companies Act 2013 is an Act of the Parliament of India on Indian company law.Company means a company incorporated under this Act or under any previous Company Law.<\/li><li>The law regulates incorporation of a company, responsibilities of a company, directors and dissolution of a company.<\/li><\/ul>\n","protected":false},"excerpt":{"rendered":"<p>News:The National Financial Reporting Authority(NFRA) has issued its first audit report of IL&amp;FS Financial Services Limited for the year 2017-18. Facts: About NFRA: The National Financial Reporting Authority(NFRA) has been constituted in 2018 by the Government of India under section 132 of the Companies Act,2013. The need for establishing NFRA was felt in the wake&hellip; <a class=\"more-link\" href=\"https:\/\/forumias.com\/blog\/national-financial-reporting-authority-submits-first-report-since-constituted\/\">Continue reading <span class=\"screen-reader-text\">National Financial Reporting Authority submits first report since constituted<\/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-86391","post","type-post","status-publish","format-standard","hentry","category-economy","tag-nfra","entry"],"jetpack_featured_media_url":"","views":{"total":0,"cached_at":"","cached_date":1704565487},"jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/posts\/86391","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=86391"}],"version-history":[{"count":0,"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/posts\/86391\/revisions"}],"wp:attachment":[{"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/media?parent=86391"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/categories?post=86391"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/tags?post=86391"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}