Creative Bharat
India’s independent audit watchdog, the National Financial Reporting Authority (NFRA), has approved key amendments to Indian Accounting Standard (Ind AS) 109—the country’s accounting standard for financial instruments—at its board meeting held on Thursday, June 10, 2025. The approved proposal will now be sent to the Ministry of Corporate Affairs (MCA) and, if notified, the revised […]
India’s accounting and auditing standards regulator has asked several chartered accountancy firms to share details pertaining to the audit of the troubled private sector bank IndusInd. Less than a fortnight ago, the National Financial Reporting Authority (NFRA) sent notices to the existing auditor MSKA & Associates, a member of global advisory network BDO, as well […]
This marks an expansion of the investigation into Gensol, which began with Sebi’s report last month. The National Financial Reporting Authority (NFRA) has launched a preliminary inquiry into the books of Gensol Engineering following fraud allegations, according to Ravneet Kaur, the head of the audit regulator. The move follows a reference by the Securities and […]
The National Financial Reporting Authority (NFRA) has released its Auditor-Audit Committee Interaction Series 3, urging auditors to enhance their focus on the identification, disclosure, and fraud prevention associated with related party transactions (RPTs). The report emphasizes the growing importance of transparency and regulatory compliance in managing these transactions. Increased Scrutiny Required for Related Party Transactions […]
The National Financial Reporting Authority (NFRA) has released the second installment of its Auditor-Audit Committee Interaction Series, outlining key strategies for auditors and urging both auditors and audit committees to adopt a transparent, proactive, and strategic approach to auditing. The guidance emphasizes the importance of effective audit strategies and plans, focusing on transparent communication, risk […]
The Standing Committee on Finance headed by BJP MP Bhartruhari Mahtab has urged the National Financial Reporting Authority (NFRA) to establish its own dedicated cadre of skilled professionals for more effective oversight of its regulatory entities. The Parliamentary Panel has also emphasised the need for clearer evidence of NFRA’s impact on audit quality, particularly in […]
The National Financial Reporting Authority (NFRA) is closely monitoring discrepancies in IndusInd Bank’s derivatives portfolio, raising concerns about the financial health of the country’s fifth-largest private lender. Although an official investigation has not been confirmed, sources indicate that NFRA has initiated monitoring of the situation. A senior NFRA official suggested that the authority may take […]
Shailesh Haribhakti, Chairman of Shailesh Haribhakti & Associates Shailesh Haribhakti, Chairman of Shailesh Haribhakti & Associates, has called for stronger cooperation between the National Financial Reporting Authority (NFRA) and the Institute of Chartered Accountants of India (ICAI) to position India as a global leader in finance. He stressed that the collaboration between these two regulatory […]
The National Financial Reporting Authority (NFRA) has raised concerns about the need for more effective communication between auditors and audit committees, particularly in relation to accounting estimates and judgments, as it focuses on Deferred Tax Assets (DTA) and Deferred Tax Liabilities (DTL) under Ind AS 12 – Income Taxes. In the second installment of its […]
Newly elected ICAI President Charanjot Singh Nanda on Wednesday emphasised the importance of maintaining a cordial working relationship with the National Financial Reporting Authority (NFRA) while asserting that ICAI’s role and perspectives must be acknowledged and respected. “I want to maintain a very good relationship with NFRA, and there is no issue between us. But […]
