National Financial Reporting Authority (NFRA)

  • September 17, 2021
  • Posted by: OptimizeIAS Team
  • Category: DPN Topics
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National Financial Reporting Authority (NFRA)

Subject – Economy

Context – ‘NFRA needs to have standalone legislation

Concept –

  • The NFRA may take action against auditors for professional misconduct but when it came to other functionaries of a company who have the responsibility for financial reporting, penal powers continue to be vested with the Centre.
  • NFRA operated under a single section of the Companies Act, the section did not provide comprehensive coverage of all the functions and powers that are required to constitute the authority as a ‘corporate financial reporting regulator’.

To know more about NFRA, please click here.

economy NATIONAL FINANCIAL REPORTING AUTHORITY (NFRA)