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
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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 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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