Skip to content

IAI Actuarial Core Principles · Business Finance · Regulation of financial reporting of incorporated entities

A company not covered by Ind AS prepares financial statements under the Accounting Standards notified under Section 133 of the Companies Act, 2013. Which body recommends these standards to the Government?

The National Financial Reporting Authority recommends accounting standards to the Central Government, which then notifies them under Section 133. SEBI, RBI, IRDAI and the IAI regulate their own sectors or profession and do not perform this recommending role.

  1. ASecurities and Exchange Board of India
  2. BReserve Bank of India
  3. CNational Financial Reporting AuthorityCorrect
  4. DInsurance Regulatory and Development Authority
  5. Institute of Actuaries of India

Explanation

The NFRA, constituted under the Companies Act, 2013, recommends accounting and auditing standards to the Central Government, which notifies them. SEBI, RBI and IRDAI regulate their sectors and the IAI governs the actuarial profession; none of them is the standard-recommending body.

Did you get it right without looking?

One question tells you little. A timed set on Regulation of financial reporting of incorporated entities shows your real accuracy, how long you take and where you lose marks.

Practise Regulation of financial reporting of incorporated entitiesFree diagnostic mock

More Regulation of financial reporting of incorporated entities questions