Source: BS Context: Shri Nitin Gupta (Retd. IRS), former CBDT Chairman, has taken charge as the new Chairperson of the National Financial Reporting Authority (NFRA). About NFRA (National Financial Reporting Authority): What is NFRA? NFRA is an independent regulatory authority under the Ministry of Corporate Affairs, tasked with improving transparency, credibility, and quality of financial …
GS Paper 2: Topics Covered: Statutory, regulatory and various quasi-judicial bodies. Context: Coming out strongly against certain recommendations made by NFRA, chartered accountants’ apex body ICAI has said the watchdog does not have jurisdiction over micro, small and medium companies. Background: This observation comes less than two weeks after the National Financial Reporting …
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GS Paper 2 Topics Covered: Statutory, regulatory and various quasi-judicial bodies. Context: National Financial Reporting Authority (NFRA) Chairperson has pitched for a ‘standalone legislation’ for the regulator in the interests of autonomy. He also demanded that all necessary penal provisions relating to financial reporting should be consolidated and vested with it. Why this is …
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