CS. Bilu Balakrishnan
National Financial Reporting Authority (NFRA) is a new authority to be established when the new Companies Act is passed, to provide for matters relating to accounting and auditing standards. The CA profession in India is having a hot debate about the powers and role of the proposed NFRA.
In fact, if you read the powers of NFRA under clause 132(4) of the Companies Bill, 2012 and closely read the provisions relating to disciplinary mechanism in the Chartered Accountants Act 1949, as amended in 2006 you will also start a strong debate on the topic.
But it is very essential to critically analyze the Clause 132 (dealing with NFRA) of the Companies Bill 2012. The enclosed PPT presentation gives a clear picture of what is NFRA, its functions & powers.