On 21st July 2020, R. Narayanaswamy, Professor of Finance and Accounting in Indian Institute of Management Bangalore (IIMB) was appointed as the Chair of the Technical Advisory Committee(TAC) of the National Financial Reporting Authority(NFRA), independent accounting and auditing regulator set up by the Government of India under the Companies Act, 2013.
TAC of NFRA:
Members:
The committee consists of 7 members including the chairman.
The members are
- Vidya Rajaram, chartered accountant
- Gargi Ray, CFO of Infosys Consulting Group
- Anantha Narayanan, former head of equity research at Credit Suisse and Morgan Stanley
- Shriram Subramanian, MD, InGovern
- S Subramanian, CFO, Titan Company
- Suhas Tuljapurkar, Managing Partner, Legasis
Roles:
The members of the committee will support and provide insights to the Executive body of the NFRA on the issues related to the drafts of the accounting and auditing standards.
The committee will also provide the inputs from the perspectives of the users, preparers and auditors of the financial statements.
The term of reference of the TAC are
- Advice on development of measure of audit quality
- Advice on suitable methods for promoting related to compliance with accounting and auditing standards
- Advice on the role of the NFRA in protecting investors through independent auditor regulation.
About R. Narayanaswamy:
i.R. Narayanaswamy has been with IIMB since 1986.
ii.He is a member of Institute of Chartered Accountants of India, the Institute of Company Secretaries of India and the Institute of Cost Accountants of India.
iii.He holds a ICAI’s Diploma in Management Accountancy.
iv.He has published in the Journal of Accounting, Auditing & Finance, British Accounting Review among others.
About National Financial Reporting Authority(NFRA):
Chairperson– R.Sridharan
Headquarters– New Delhi
Recent Related News:
i.The Appointments Committee of the Cabinet (ACC) has approved the appointment of M.Ajit Kumar as the chairman of the Central Board of Indirect Taxes and Customs (CBIC).
ii.Veteran ISRO (Indian Space Research Organization) space scientist G Narayanan has been named as the Chairman of NSIL (New Space India Limited).
