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NASSCOM’s Response on NFRA’s Consultation Paper on Enhancing Engagement with Stakeholders
NASSCOM’s Response on NFRA’s Consultation Paper on Enhancing Engagement with Stakeholders

August 2, 2021

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National Financial Reporting Authority (NFRA), was established by the Central Government under Companies Act, 2013 in October 2018 with the objective of driving systemic change in the Indian Financial Reporting System for Public Interest Entities (PIEs). NFRA was established as an independent regulator for accounting and auditing and has a responsibility to protect the public interest and the interests of investors, creditors and others associated with PIEs falling within its jurisdiction.

NFRA has set up a Technical Advisory Committee (TAC) to, inter alia, provide NFRA with inputs from the perspective of users, preparers, and auditors of financial statements; and advise on suitable methods for promoting awareness relating to compliance with accounting and auditing standards. The TAC submitted its recommendations on “Enhancing Engagement with Stakeholders” in March 2021.

NFRA has formulated its preliminary views on the recommendations of the TAC and has rolled out a consultation paper to seek views from public.

The areas covered in the Consultation Paper will go a long way in building and enhancing trust and confidence of various stakeholders in NFRA and will help in aligning the processes and systems of NFRA, in line with the global regulators. Based on feedback from Industry, NASSCOM has submitted a detailed response to NFRA on July 30, 2021 on specific questions highlighted in the consultation paper. 

Our suggestions to NFRA include suggesting ways to fill up positions on the Stakeholder Advisory Group (SAG), need for a full-time fellowship programmes for conducting research studies and giving high quality recommendations to NFRA, importance of public communication with stakeholders on regular basis, formulating clear policies for finalising the principles and the methodology for selecting companies for inspection, contents of the website and mobile application of NFRA, amongst others. 

Our detailed submission to NFRA is attached for your reference.


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20210730_NASSCOM_Response_NFRA_ConsultationPaper.pdf

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