Significant Achievements

Significant Achievements Council Year 2021-22

FRRB has launched its web portal that will automate several processes. To make the review process robust, this remarkable milestone has been achieved this year which will immensely help the Board in years to come. Some of the key features of the portal are as follows:

  • Enable to systematically identify the common non-compliances on the basis of XBRL financial statements by using rule-based analytics,
  • Enabling the automation of workflow of FRRB between various review levels,
  • Maintaining the repository of non-compliances observed by the Board,
  • Monitoring of the review work,
  • Consisting of all the Publications of FRRB, FRRB’s Articles in Journal, Videos and presentations of past events / webcasts, list of forthcoming events of FRRB, empanelment form of Technical Reviewer and many more.
Over the period, it would help to strengthen financial reporting practices in India which would promote stakeholder’s confidence in audited financial statements.
As a part of achieving public interest and overall ICAI ethos of being partner in nation building, FRRB has undertaken, as special cases, review of general purpose financial statements and auditor’s reports thereon of 29 enterprises as referred by regulators, like MCA, SEBI, CAG as well as based on media reports and other references received. In this year, the Board has completed the review of 30 cases selected on suo motto basis or as special case. Out of these 30 cases, 5 cases have been referred to concerned regulators and Director (Discipline) for further action and in 20 cases, Board decided to issue advisory to the auditor of the enterprise.

FRRB is also in the process to complete the review of financial statements of 179 enterprises selected on suo motto basis or as special case. Out of these, the preliminary review of 171 enterprises (Tier I) has been completed by technical reviewers and review of 137 enterprises (Tier II) has been completed by Financial Reporting Review Groups.

Important Events

National

FRRB jointly with National Institute of Security Market (NISM)-SEBI has organized a webinar on ‘Expectations from Listed Companies on Financial Reporting’ on 1st September 2021 at ICAI Bhawan, BKC, Mumbai. Shri. Nagendraa Parakh, Executive Director, SEBI,   Dr. V. R. Narasimhan, Dean, NISM, Mr. Avishkar Naik, Vice President, NSE, CA. Nihar N. Jambusaria, President, ICAI  and CA. Prafulla Chajjed, Past President, ICAI graced the event with their benign presence and shared their words of wisdom with the participants. CA. Aniket Talati, Chairman, FRRB and CA. Shriniwas Yeshwant Joshi, Past Chairman and member, FRRB were also present. The objective of the webinar was to spread awareness among the members as well as other stakeholders regarding common non-compliances observed by the FRRB from review of general-purpose financial statements of listed entities. This programme was well attended by more than 1200 participants and was appreciated by participants.

Initiatives for the Members/Students

Webinars, Seminars, VCMs and Programme on ‘Commonly Found Non-compliances of Financial Reporting Requirements’ observed in Financial Statements prepared under Ind AS framework

To spread the awareness amongst the members about the pertinent issues in the areas of reporting as well as to apprise them about the common non-compliances observed by the Board during review of various financial statements various webinar and programmes were held, the details of which are as follows:

Virtual CPE Meeting

Virtual CPE Meeting on “Commonly found Non-compliances of Accounting Standards” was organized by FRRB on 8th-9th October, 2021 and 21s August, 2021 and hosted by Vishakhapatnam branch and Gandhidham branch of ICAI respectively.  This programme was well attended by the participants.

Seminar/ Programme

Seminars and Awareness programmes on “Financial Reporting Practices” were organised at Gandhinagar, Himmatnagar, Palanpur, Mehsana, Jalandhar, Amritsar, Bathinda, Bhuj, Kutch, Bharuch, Vadodara and Rajkot. These programmes were well attended by the participants.

Twitter Handle-FRRB

In order to spread awareness among the members regarding the non-compliances observed by FRRB and to give regular updates on the same, a twitter account for FRRB has been created in August 2020 wherein ‘Did you know?’ series is going on. More than 200 tweets on the errors observed on the compliance related to Accounting Standards (Ind AS and IGAAP) have been posted. A tremendous response has been received on FRRB’s twitter account with more than 2,800 followers.