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

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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

R. 1 Short title and commencement

Rule 1 of the NFRA Rules: Short title and commencement

R. 2 Definitions

Rule 2 of the NFRA Rules: Definitions

R. 3 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

R. 4 Functions and duties of the Authority

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

R. 5 Annual Return

Rule 5 of the NFRA Rules: Annual Return

Chapter II

Standards, Monitoring and Quality

4 rules

R. 6 Recommending accounting standards and auditing standards

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

R. 7 Monitoring and enforcing compliance with accounting standards

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

R. 8 Monitoring and enforcing compliance with auditing standards

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

R. 9 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

R. 10 Power to investigate

Rule 10 of the NFRA Rules: Power to investigate

R. 11 Disciplinary proceedings

Rule 11 of the NFRA Rules: Disciplinary proceedings

R. 12 Manner of enforcement of orders passed in disciplinary proceedings

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

R. 13 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

R. 14 Role of chairperson and full-time members

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

R. 15 Advisory committees, study groups and task forces

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

R. 16 Financial reporting advocacy and education

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

R. 17 Confidentiality and security of information

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

R. 18 Avoidance of conflict of interest

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

R. 19 International associations and international assistance

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