NFRA Rules G.S.R. 1111(E)

The National Financial Reporting Authority Rules, 2018

The classes of company and body corporate governed by the Authority, its functions and duties, the annual return in NFRA-2, recommending and monitoring accounting and auditing standards, overseeing audit quality, investigation and disciplinary proceedings, and punishment for non-compliance.

19 Rules

G.S.R. 1111(E) Notification

NFRA-2 Annual return

G.S.R. 1111(E) Enacted 13 November 2018 Enforced 13 November 2018 Ministry of Corporate Affairs

Made under

The Companies Act, 2013 Chapter X

s. 132 s. 139 s. 469

19 rules

Line

Default readable text

Opening text

Preamble

[TO BE PUBLISHED IN THE GAZETTE OF INDIA, EXTRAORDINARY, PART II, SECTION 3, SUB-SECTION (i)]

GOVERNMENT OF INDIA

MINISTRY OF CORPORATE AFFAIRS

NOTIFICATION

New Delhi,13th November, 2018

G.S.R. _(E). - In exercise of the powers conferred under sub-sections (2) and (4) of section 132, sub-section (1) of section 139 and sub-section (1) of section 469 of the Companies Act, 2013 (18 of 2013). the Central Government hereby makes the following rules, namely:-

Chapter I

Scope and Functions

5 rules

R1 Short title and commencement

Rule 1 of the NFRA Rules: Short title and commencement

R2 Definitions

Rule 2 of the NFRA Rules: Definitions

R3 Classes of companies and bodies corporate governed by the Authority

Rule 3 of the NFRA Rules: Classes of companies and bodies corporate governed by the Authority

R4 Functions and duties of the Authority

Rule 4 of the NFRA Rules: Functions and duties of the Authority

R5 Annual Return

Rule 5 of the NFRA Rules: Annual Return

Chapter II

Standards, Monitoring and Quality

4 rules

R6 Recommending accounting standards and auditing standards

Rule 6 of the NFRA Rules: Recommending accounting standards and auditing standards

R7 Monitoring and enforcing compliance with accounting standards

Rule 7 of the NFRA Rules: Monitoring and enforcing compliance with accounting standards

R8 Monitoring and enforcing compliance with auditing standards

Rule 8 of the NFRA Rules: Monitoring and enforcing compliance with auditing standards

R9 Overseeing the quality of service and suggesting measures for improvement

Rule 9 of the NFRA Rules: Overseeing the quality of service and suggesting measures for improvement

Chapter III

Investigation and Discipline

4 rules

R10 Power to investigate

Rule 10 of the NFRA Rules: Power to investigate

R11 Disciplinary proceedings

Rule 11 of the NFRA Rules: Disciplinary proceedings

R12 Manner of enforcement of orders passed in disciplinary proceedings

Rule 12 of the NFRA Rules: Manner of enforcement of orders passed in disciplinary proceedings

R13 Punishment in case of non-compliance

Rule 13 of the NFRA Rules: Punishment in case of non-compliance

Chapter IV

Governance and General

6 rules

R14 Role of chairperson and full-time members

Rule 14 of the NFRA Rules: Role of chairperson and full-time members

R15 Advisory committees, study groups and task forces

Rule 15 of the NFRA Rules: Advisory committees, study groups and task forces

R16 Financial reporting advocacy and education

Rule 16 of the NFRA Rules: Financial reporting advocacy and education

R17 Confidentiality and security of information

Rule 17 of the NFRA Rules: Confidentiality and security of information

R18 Avoidance of conflict of interest

Rule 18 of the NFRA Rules: Avoidance of conflict of interest

R19 International associations and international assistance

Rule 19 of the NFRA Rules: International associations and international assistance