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ICAI President: ICAI has Good Coordination with NFRA on Revised Accounting Standards, members not to send diverse communication

1. The Institute of Chartered Accountants of India (ICAI) President, CA Nihar N. Jambusaria while addressing Members regarding the Latest Developments at ICAI, said that the Institute has Good Coordination with National Financial Reporting Authority (NFRA) on Revised Accounting Standards and directed the members not to send diverse communication.

2. The post by NFRA on the website of Press Information Bureau right from 27th September 2021 when the then NFRA Chairman issued the press release wherein it was mentioned that the approach paper was sent back for the revision of the existing accounting standards to ICAI asking it to carry out Regulatory Impact Assessment and hold an extensive nationwide discussion.

“Accounting Standards revision process commenced in 2006 and the approach paper developed by ICAI was approved by National Advisory Committee on Accounting Standards (NACAS) when it was in existence, much efforts went into the revision of 18 accounting standards over 5 years for which new procedure for issuance of Exposure Drafts and seeking comments of stakeholders was followed. The then NFRA chairman did not think it fit to bring the revised accounting standard for discussion at the NFRA Board meeting as recently as 20 September 2021 wherein the part-time members were also present, an appropriate reply has been drafted and the revised accounting standards are being sent back to NFRA for its consideration again,” the ICAI President stated.

3. The statement that Micro, Small and Medium companies would be subject to audit only if they satisfy certain public interest entity criteria cannot be regarded as the view of NFRA. This view was never brought up at discussion on NFRA Board as it does not have jurisdiction over  Micro, Small, and Medium Companies.

“We would like to have good coordination with NFRA for which discussions will be held with them, this was done in the past and will continue to have channels of discussions open with NFRA,” reiterated ICAI President.

4. The ICAI President requested the members to have patients and not to send diverse communications to NFRA or to the Ministry individually.

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