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National Financial Reporting Authority (NFRA)

Section 132 of the Companies Act 2013 (hereinafter referred to as "the Act") talks about National Financial Reporting Authority (NFRA).

The Central Government may, by notification, constitute a National Financial Reporting Authority to provide for matters relating to accounting and auditing standards under the Act.

The head office of the National Financial Reporting Authority shall be at New Delhi and the National Financial Reporting Authority may, meet at such other places in India as it deems fit.

The said section 132 prescribes detailed provisions for NFRA, broadly relating to the following aspects:

  • Constitution of National Financial Reporting Authority 
  • Responsibility of National Financial Reporting Authority
  • Powers of National Financial Reporting Authority 
  • Constitution of Appellate Authority 
  • Meetings of National Financial Reporting Authority 

Section 133:
The Central Government may prescribe the standards of accounting or any addendum thereto, as recommended by the Institute of Chartered Accountants of India, in consultation with and after examination of the recommendations made by the National Financial Reporting Authority.
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