NFRA asks ICAI to reconsider structure of its accounting standards proposal

Standards are for firms that are not required to follow Indian Accounting Standards. Most of these would be private, with very small net worth or turnover or indebtedness, according to NFRA

The National Financial Regulatory Authority (NFRA) has asked the Institute of Chartered Accountants of India (ICAI) to conduct a regulatory impact assessment of its proposed revisions to the existing accounting standards of companies.

These standards are for companies that are not required to follow Indian Accounting Standards. Most of these companies would be private, small with very small net worth or turnover or indebtedness, according to NFRA.    

The regulatory authority has asked ICAI to reconsider the structure, form and contents of revised accounting standards for such companies. It has asked that the standards should be aligned to the nature, size and