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Home » Blog » The Fundamental Requirement for Appropriate Selection & Application of Financial Reporting Framework

The Fundamental Requirement for Appropriate Selection & Application of Financial Reporting Framework

  • Blog|News|Account & Audit|
  • 2 Min Read
  • By Taxmann
  • |
  • Last Updated on 7 March, 2022

Latest from Taxmann

Selection & Application of Financial Reporting Framework; NFRA news; Financial Reporting; Ind AS

National Financial Reporting Authority (NFRA) raised a few observations vide Report No.NF-20011/24/2021, Financial Reporting Quality Review Report (FRQRR) that contains instances of wrong selection, application, and disclosure of appropriate Financial Reporting Framework thereby giving contradictory and misleading information to the users of Financial Statement.

The disclosures made by the Company in the Director’s Report and Notes to the Annual Financial Statements, read with the opinion given in the Independent Auditor’s Report, with regard to the adoption and application of Financial Reporting Framework are contradictory and misleading.

Since the Sample Company is a Listed Company on a stock exchange in India and therefore, it is required to comply with the Indian Accounting Standards (Ind AS) for the preparation and presentation of its Annual Financial Statements but the instances presented in the report makes it clear that the Company has followed AS Framework for disclosures regarding many of the Balance Sheet items.

Thus, the Company has been grossly negligent in the selection and application of the required Financial Reporting Framework and is advised to comprehensively re-check all its accounting policies and disclosures to ensure compliance with the appropriate Financial Reporting Framework.

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Author: Taxmann

Taxmann Publications has a dedicated in-house Research & Editorial Team. This team consists of a team of Chartered Accountants, Company Secretaries, and Lawyers. This team works under the guidance and supervision of editor-in-chief Mr Rakesh Bhargava.

The Research and Editorial Team is responsible for developing reliable and accurate content for the readers. The team follows the six-sigma approach to achieve the benchmark of zero error in its publications and research platforms. The team ensures that the following publication guidelines are thoroughly followed while developing the content:

  • The statutory material is obtained only from the authorized and reliable sources
  • All the latest developments in the judicial and legislative fields are covered
  • Prepare the analytical write-ups on current, controversial, and important issues to help the readers to understand the concept and its implications
  • Every content published by Taxmann is complete, accurate and lucid
  • All evidence-based statements are supported with proper reference to Section, Circular No., Notification No. or citations
  • The golden rules of grammar, style and consistency are thoroughly followed
  • Font and size that's easy to read and remain consistent across all imprint and digital publications are applied
View all posts by Taxmann

Author TaxmannPosted on March 4, 2022March 7, 2022Categories Blog, News, Account & Audit

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