No going back on national financial reporting authority (NFRA) : Sachin Pilot said at ICAI annucal function

The chartered accountants’ fraternity must work hard to maintain the “integrity” and “credibility” of the profession, exhorted Corporate Affairs Minister Sachin Pilot. As India becomes more relevant to a globalised economy, the expectations will only be on the rise for more transparency, disclosure and compliance, Pilot said.

NO GOING BACK ON NFRA

On another note, he said the Centre is committed to putting in place a national financial reporting authority (NFRA) and there is no going back on this proposal.

NFRA will be established as an “overarching body” to not only bring in work transparency, but also instil confidence in the Indian economy among investors, Pilot said on the sidelines of the 63rd annual function of the CA Institute here.

The proposal to set up NFRA is part of the Companies Bill, 2012, which has already received a nod from the Lok Sabha. But it would be a body blow for the CA Institute, which faces the prospect of losing regulatory hold over its members.