About NFRA

• The National Financial Reporting Authority (NFRA) was constituted in 2018 under the Companies Act, 2013 to continuously improve the quality of all corporate financial reporting in India.
• Functions and Duties:
  • Recommend accounting and auditing policies and standards to be adopted by companies for approval by the Central Government;
  • Monitor and enforce compliance with accounting standards and auditing standards;
  • 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;
  • Perform such other functions and duties as may be necessary or incidental to the aforesaid functions and duties.

• The Authority consists of a chairperson and three full time members appointed by the Central Government.