UPSC Exam  >  UPSC Questions  >  With reference to the National Financial Repo... Start Learning for Free
With reference to the National Financial Reporting Authority (NFRA), consider the following statements:
1. It is a regulatory body set up under Section 132 of the Companies Act.
2. It aims to oversee compliance with Accounting and Auditing Standards by companies that can be described as Public Interest Entities (PIEs).
Which of the statements given above is/are correct?
  • a)
    1 only
  • b)
    2 only
  • c)
    Both 1 and 2
  • d)
    Neither 1 nor 2
Correct answer is option 'C'. Can you explain this answer?
Most Upvoted Answer
With reference to the National Financial Reporting Authority (NFRA), c...
National Financial Reporting Authority (NFRA) has prepared a provisional database of companies and auditors.
  • The National Financial Reporting Authority is a regulatory body set up under Section 132 of the Companies Act to oversee compliance with Accounting and Auditing Standards by companies that can be described as Public Interest Entities (PIEs).
  • This group includes all listed companies, and large unlisted companies.
  • To discharge this mandate, NFRA is in the process of creating a verified and accurate database of companies and auditors that come under the regulatory ambit of NFRA.
  • Establishment of this data base involves critical steps like identification and verification of the primary data source, and reconciliation of data (such as Company Identification Number (CIN) which is dynamic) from different sources.
  • In this regard the NFRA has been engaging with the Corporate Data Management (CDM) division of Ministry of Corporate Affairs (MCA) and three recognised stock exchanges in India.
  • A provisional data base of companies and their auditors as of 31st March 2019 has been compiled by the NFRA which has been published on the website of the NFRA.
  • This provisional data will be updated/revised going forward based on the collection of further data and information. Similar exercise for compilation of the data base as of 31st March 2020 will be undertaken shortly.
Hence both statements are correct.
Explore Courses for UPSC exam

Top Courses for UPSC

With reference to the National Financial Reporting Authority (NFRA), consider the following statements:1. It is a regulatory body set up under Section 132 of the Companies Act.2. It aims to oversee compliance with Accounting and Auditing Standards by companies that can be described as Public Interest Entities (PIEs).Which of the statements given above is/are correct?a)1 onlyb)2 onlyc)Both 1 and 2d)Neither 1 nor 2Correct answer is option 'C'. Can you explain this answer?
Question Description
With reference to the National Financial Reporting Authority (NFRA), consider the following statements:1. It is a regulatory body set up under Section 132 of the Companies Act.2. It aims to oversee compliance with Accounting and Auditing Standards by companies that can be described as Public Interest Entities (PIEs).Which of the statements given above is/are correct?a)1 onlyb)2 onlyc)Both 1 and 2d)Neither 1 nor 2Correct answer is option 'C'. Can you explain this answer? for UPSC 2024 is part of UPSC preparation. The Question and answers have been prepared according to the UPSC exam syllabus. Information about With reference to the National Financial Reporting Authority (NFRA), consider the following statements:1. It is a regulatory body set up under Section 132 of the Companies Act.2. It aims to oversee compliance with Accounting and Auditing Standards by companies that can be described as Public Interest Entities (PIEs).Which of the statements given above is/are correct?a)1 onlyb)2 onlyc)Both 1 and 2d)Neither 1 nor 2Correct answer is option 'C'. Can you explain this answer? covers all topics & solutions for UPSC 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for With reference to the National Financial Reporting Authority (NFRA), consider the following statements:1. It is a regulatory body set up under Section 132 of the Companies Act.2. It aims to oversee compliance with Accounting and Auditing Standards by companies that can be described as Public Interest Entities (PIEs).Which of the statements given above is/are correct?a)1 onlyb)2 onlyc)Both 1 and 2d)Neither 1 nor 2Correct answer is option 'C'. Can you explain this answer?.
Solutions for With reference to the National Financial Reporting Authority (NFRA), consider the following statements:1. It is a regulatory body set up under Section 132 of the Companies Act.2. It aims to oversee compliance with Accounting and Auditing Standards by companies that can be described as Public Interest Entities (PIEs).Which of the statements given above is/are correct?a)1 onlyb)2 onlyc)Both 1 and 2d)Neither 1 nor 2Correct answer is option 'C'. Can you explain this answer? in English & in Hindi are available as part of our courses for UPSC. Download more important topics, notes, lectures and mock test series for UPSC Exam by signing up for free.
Here you can find the meaning of With reference to the National Financial Reporting Authority (NFRA), consider the following statements:1. It is a regulatory body set up under Section 132 of the Companies Act.2. It aims to oversee compliance with Accounting and Auditing Standards by companies that can be described as Public Interest Entities (PIEs).Which of the statements given above is/are correct?a)1 onlyb)2 onlyc)Both 1 and 2d)Neither 1 nor 2Correct answer is option 'C'. Can you explain this answer? defined & explained in the simplest way possible. Besides giving the explanation of With reference to the National Financial Reporting Authority (NFRA), consider the following statements:1. It is a regulatory body set up under Section 132 of the Companies Act.2. It aims to oversee compliance with Accounting and Auditing Standards by companies that can be described as Public Interest Entities (PIEs).Which of the statements given above is/are correct?a)1 onlyb)2 onlyc)Both 1 and 2d)Neither 1 nor 2Correct answer is option 'C'. Can you explain this answer?, a detailed solution for With reference to the National Financial Reporting Authority (NFRA), consider the following statements:1. It is a regulatory body set up under Section 132 of the Companies Act.2. It aims to oversee compliance with Accounting and Auditing Standards by companies that can be described as Public Interest Entities (PIEs).Which of the statements given above is/are correct?a)1 onlyb)2 onlyc)Both 1 and 2d)Neither 1 nor 2Correct answer is option 'C'. Can you explain this answer? has been provided alongside types of With reference to the National Financial Reporting Authority (NFRA), consider the following statements:1. It is a regulatory body set up under Section 132 of the Companies Act.2. It aims to oversee compliance with Accounting and Auditing Standards by companies that can be described as Public Interest Entities (PIEs).Which of the statements given above is/are correct?a)1 onlyb)2 onlyc)Both 1 and 2d)Neither 1 nor 2Correct answer is option 'C'. Can you explain this answer? theory, EduRev gives you an ample number of questions to practice With reference to the National Financial Reporting Authority (NFRA), consider the following statements:1. It is a regulatory body set up under Section 132 of the Companies Act.2. It aims to oversee compliance with Accounting and Auditing Standards by companies that can be described as Public Interest Entities (PIEs).Which of the statements given above is/are correct?a)1 onlyb)2 onlyc)Both 1 and 2d)Neither 1 nor 2Correct answer is option 'C'. Can you explain this answer? tests, examples and also practice UPSC tests.
Explore Courses for UPSC exam

Top Courses for UPSC

Explore Courses
Signup for Free!
Signup to see your scores go up within 7 days! Learn & Practice with 1000+ FREE Notes, Videos & Tests.
10M+ students study on EduRev