THE NATIONAL FINANCIAL Reporting Authority (NFRA) has pulled up a section of India Inc, including "a large listed firm", for not complying with Indian Accounting Standards (IndAS) regarding measurement of "revenue from contracts" with customers and trade receivables. The regulator noted that these firms continue to account for these two inflows at "fair value", while Ind AS requires them to be recognised in many cases at transaction value.
In a circular issued after a recent review, the regulator listed out instances of non-compliance "for the urgent attention of the company managements, audit committees and the statutory auditors".
NFRA monitors compliance with accounting standards by companies as part of its review of published financial statements of companies.
Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at a given date.
Diese Geschichte stammt aus der April 03, 2023-Ausgabe von Financial Express Mumbai.
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Diese Geschichte stammt aus der April 03, 2023-Ausgabe von Financial Express Mumbai.
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