[aaykarbhavan] Govt issues draft rules for National Financial Reporting Authority PTI source business line

http://www.thehindubusinessline.com/companies/govt-issues-draft-rules-for-national-financial-reporting-authority/article5260843.ece

New Delhi, Oct 22:

Moving ahead with implementation of the new companies law, the
Government today issued draft rules for the proposed National
Financial Reporting Authority.

Besides NFRA, draft rules relating to Serious Fraud Investigation
Office (SFIO) and acceptance of deposits by companies have been
released under the Companies Act, 2013.

Draft rules

This is the third set of draft rules released by the Corporate Affairs
Ministry for various chapters of the new legislation that replaces the
nearly six-decade old laws governing companies in the country.

The latest tranche pertains to Chapter V (Acceptance of Deposits by
Companies), Chapter IX (NFRA) and Chapter XIV (Inspection, Inquiry and
Investigation). Stakeholders and public can provide their comments on
the latest set of draft rules till November 1.

The first and second tranches of draft rules covered 16 and 9
chapters, respectively. The new legislation has 29 chapters.

Powers of NFRA

NFRA will have powers to lay down the accounting and auditing policies
and standards for adoption by companies or class of companies or their
auditors.

The new entity will be responsible for monitoring and ensuring
compliance with the accounting and auditing standards.

The new legislation will give more teeth to SFIO that is currently
investigating many high profile cases including the Saradha chit fund
scam.

So far, the Ministry has already received thousands of comments on
various topics, including Corporate Social Responsibility (CSR)
spending and auditing.

Among others, draft rules for board of directors, auditors,
registration and incorporation of companies, revival of sick
companies, financial accounts of corporates, National Company Law
Tribunal and Appellate Tribunal, have been issued.

(This article was published on October 22, 2013)
Keywords: Companies law, new companies law, national financial
reporting authority, NFRA draft rules, serious fraud investigation
office, SFIO, corporate social responsibility, companies act,--




CS A Rengarajan
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