Constitution
The National Financial Reporting Authority (NFRA) was constituted on 01st October,2018 by the Government of India under Sub Section (1) of section 132 of the Companies Act, 2013.
As per Sub Section (2) of Section 132 of the Companies Act, 2013, the duties of the NFRA are to:
Sub Rule (1) of Rule 4 of the NFRA Rules, 2018 , provides that the Authority shall protect the public interest and the interests of investors, creditors and others associated with the companies or bodies corporate governed under Rule 3 by establishing high quality standards of accounting and auditing and exercising effective oversight of accounting functions performed by the companies and bodies corporate and auditing functions performed by auditors.