NFRA Under Companies Act, 2013

This discussion is constructive appraisal of Accountancy in India and Accountancy Bodies have on the business. The focus will be from point of view of public interest and other stakeholders. Members are expected to discuss from point of view of current legislation prevailing in India and also contrast with international practises. Discuss on MRAs and MOU between the accounting bodies.

This is a open forum. Please share your opinion in professional manner or else face moderation.
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This discussion is constructive appraisal of Accountancy in India and Accountancy Bodies have on the business. The focus will be from point of view of public interest and other stakeholders. Members are expected to discuss from point of view of current legislation prevailing in India and also contrast with international practises.

This is a open forum. Please share your opinion in professional manner or else face moderation.

Re: NFRA Under Companies Act, 2013

Postby supthaeshuThigazh on Wed Oct 23, 2013 8:48 pm

RVR wrote:Few years back Law Degree was awarded only by Government controlled universities. But a private university fought with the government and won the battle not only to award legal degree but also got recognition from Bar council for affiliation.

http://law.sastra.edu/

Let us not degrade NFRA at this point as it is a new institution created by law. MCA has been empowered to frame rules but the same could be changed/modified without the need to go to Parliament regularly. I will not be surprised if nominees from CAG will fill NFRA in the future along with nominees of SEBI, RBI, Tax departments etc.

Right now ICAI Old has been deprived of framing accounting standards and NFRA is the only designated statutory authority.

The private university lobby is also a very strong with enough muscle power and definitely they will ensure emerging of a new accounting body with all the statutory powers like ICAI old. Competition in the accounting profession will be good for everybody including trade associations, lending institutions and general public investors.

The new Company law has treated all the three Institutes equally throughout the entire sections except their domain knowledge areas such as Financial Audit, Cost Audit and Secretarial Audit.

It is a question of time before an entirely new accounting body emerges in our country. Let us all pray for early birth of such an Institution.


AMEN-AaMEEN "Aum Tat Sat"
CMA.R.Veeraraghavan FCMA
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supthaeshuThigazh
 
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Full Name: CMA.R.Veeraraghavan Iyengar,ஆர் .வீர ராகவன்,आर वीराराघवन,सुप
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