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National Financial Reporting Authority
Consider the following statements regarding the National Financial Reporting Authority (NFRA):
- The National Financial Reporting Authority (NFRA) was constituted in October, 2018 by the Government of India under Sub Section (1) of section 132 of the Companies Act, 2013.
- The Companies Act requires the NFRA to have a chairperson who will be appointed by the Central Government and a maximum of 15 members.
Choose the correct answer from the codes given below:
A |
Only 1
|
|
B |
Only 2
|
|
C |
Both 1 and 2
|
|
D |
Neither 1 nor 2
|
Your Ans is
Right ans is C
Your Answer Is Correct
Your Answer Is Wrong
Explanation :
- The National Financial Reporting Authority (NFRA) is a body constituted under the provisions of Section 132 of the Companies Act, 2013. The constitution of this authority is effective from 1st October 2018.
- The Companies Act requires the NFRA to have a chairperson who will be appointed by the Central Government and a maximum of 15 members.
- It can probe listed companies and those unlisted public companies having paid-up capital of no less than Rs. 500 crore or annual turnover of no less than Rs 1,000 crore.
Functions and Duties
- To recommend accounting and auditing policies and standards to be adopted by companies for approval by the Central Government
- To monitor and enforce compliance with accounting standards and auditing standards
- To 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
- To perform such other functions and duties as may be necessary or incidental to the aforesaid functions and duties.
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