BANKING AFFAIRS

Detailed explanation-1: -The National Financial Reporting Authority (NFRA) was constituted on 01st October, 2018 by the Government of India under Sub Section (1) of section 132 of the Companies Act, 2013.

Detailed explanation-2: -National Financial Reporting Authority (NFRA) is an independent regulator set up to oversee the auditing profession and the Indian Accounting Standards under the Companies Act 2013. It came into existence in October 2018. The chairperson since March 2022 is Ajay Bhushan Pandey. National Financial Reporting Authority.

Detailed explanation-3: -The NFRA is responsible for bringing discipline and ensuring orderly growth of the corporate sector in India. The NFRA is mandated to lay down accounting and auditing standards and investigate offenses related to them.

Detailed explanation-4: -Speaking at the conference on “Financial Reporting and Corporate Governance in the Corporate Sector”, Dr Ajay Bhushan Prasad Pandey, Chairperson, NFRA, said here today that Sound Corporate Governance is bedrock of corporate sector that contributes to the sustainable growth and development of the Nation as whole.

Detailed explanation-5: -Notes: The Government has appointed former Finance Secretary Ajay Bhushan Pandey as Chairman of the National Financial Reporting Authority (NFRA). The Appointments Committee of the Cabinet (ACC) has been appointed for a period of three years.