Fair Presentation and Disclosure in Statement of Cash Flows in the Financial Statements
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- Last Updated on 26 March, 2022
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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 non-compliances or errors in Ind AS financial statements.
The primary goal of the FRQR is to assess and evaluate how well the information needs of users of the Financial Statements and the Annual Report have been met. The FRQR also has the objective of assessing the Financial Reporting Quality Control System of the Sample Company and the extent to which the same has been complied with in the preparation and presentation of the Financial Statements.
However, in the case of the sample company, NFRA observed that the financial statements of the company did not provide the complete disclosures relating to Statement of Cash Flows in compliance with para 46 and 48 of Ind AS 7, Statement of Cash Flows.
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