Significant Achievements
SIGNIFICANT ACHIEVEMENTS 2025-26
The Financial Reporting Review Board (FRRB) is playing a paramount role in improving the financial reporting practices prevailing in India. It was constituted by the ICAI as a proactive self-regulatory mechanism to improve the financial reporting practices in the Country which helps in promoting investors’ confidence in audited financial statement. The FRRB reviews the general-purpose financial statements of various enterprises with a view to determine, to the extent possible, compliance with the generally accepted accounting principles in preparation and presentation of financial statements, compliance with the disclosure requirements prescribed by regulatory bodies, statutes/rules and regulations relevant to the enterprise and compliance with the reporting obligations of the enterprise as well as the auditor. The Board comprises the members of the Central Council of the ICAI including Government of India nominees. The Board also had the privilege of the representations from the office of the Securities and Exchange Board of India (SEBI), Comptroller and Auditor General of India (C&AG), Central Board of Direct taxes (CBDT), Insurance Regulatory and Development Authority (IRDA), National Bank for Agriculture and Rural Development (NABARD) and Niti Aayog. This multi-regulatory representation underscores the Board’s commitment in strengthening the financial reporting practices in India.
-
- Review of cases referred by Regulators and other Stakeholders (Special Cases)
In its endeavour to support regulators as well as to bring transparency in financial reporting, during this period, FRRB has undertaken, as special cases, review of 6 general-purpose financial statements and auditor’s reports thereon, on the basis of media reports and reference made to it by regulators.
-
- Contribution in C&AG-ICAI Training Program for Audit Officers in Public Sector Undertakings (PSUs)
The ICAI has signed an MoU with C&AG to develop focused training programs and knowledge-sharing platforms, aimed at enhancing the professional capabilities of audit officers in Public Sector Undertakings (PSUs).
As a part of the collaborative effort, FRRB has supported the training programs by providing relevant study material based on the non-compliances in financial reporting, as identified by it, which comprises 75 case studies covering 30 Ind ASs. This contribution ensures that the audit officers are equipped with sound knowledge of applicable standards and best practices, thereby elevating the quality of financial oversight in PSUs.
Ø ACHIEVEMENT OF SIGNIFICANT MILESTONE – CONSIDERATION OF THE HIGHEST NUMBER OF OBSERVATIONS EVER
-
- Review of Cases considered by the Board
During the year, the Board achieved a significant milestone by considering the highest number of observations ever, i.e., 2805 observations contained in the review reports of 80 financial statements of various enterprises selected suo moto (76 cases) and as special cases (4 cases). With this, all pending 57 cases selected for review during the Council Year 2023 24 and pertaining to the Financial Year 2021–22 have been considered by the Board. The classification of these 80 cases is as follow:
- Decision taken by the Board on considered cases
Out of these 80 cases, 11 cases have been referred to concerned regulators such as MCA, SEBI, RBI as well as Director (Discipline) of ICAI for further action, and in 60 cases, Board decided to issue advisory to the auditor of the enterprise.
-
v ACHIEVEMENT OF SIGNIFICANT MILESTONE – ZERO PENDENCY REGARDING CASES CONSIDERED BY THE BOARD
The Board at its 150th meeting achieved a significant milestone- for the first time, there is no pendency regarding the cases considered by the Board. This status has been consistently maintained thereafter. ‘Reports on Non-Compliances’ of all cases reviewed and approved by the Board, have been sent to the concerned auditors and regulatory authorities for further action.
To acknowledge the contributions and efforts of the past and present Board(s), a commemoratory event was held, prior to the commencement of the 150th meeting of FRRB. The commemoratory event was graced by CA. Charanjot Singh Nanda, Hon’ble President-ICAI, CA. Prasanna Kumar D, Hon’ble Vice-President-ICAI, CA. Amarjeet Chopra, Past President-ICAI & Founder Chairman-FRRB along with several distinguished Past Chairmen of the Board. The presence of Shri Mukhmeet Singh Bhatia and Shri Manoj Kumar Sahu, Government Nominees, along with distinguished representatives from regulatory bodies — Shri Jitesh Kumar Maheshwari (NABARD), Shri Shyam Sundar Mohakud (IRDAI), and Ms. Tanuja Mittal (C&AG)— added great value to the event. The Board members as well as Central Council Members also graced the event with their benign presence. All the dignitaries enriched the occasion with their insightful words and reflections on the journey of the FRRB.
v LAUNCHING OF FRRB INSIGHTS: COMMON NON-COMPLIANCES SEARCH ENGINE
With the objective of enhancing end-user experience and improving accessibility of non compliances observed by the Board during review of financial statements, FRRB has launched the search engine tool (https://frrbinsights.icai.org) for the non-compliances reported in its Ind AS based publication, featuring 438 observations of the Board. This user-friendly tool offers volume-wise and chapter-wise search capabilities, along with a powerful global search aligned with key technical frameworks like Ind AS, Schedule III, the Companies Act, SAs and CARO. Enhanced with interactive visualizations, including a dynamic pie chart and an Ind AS-wise bar graph, the search engine enables seamless navigation and deeper insights into financial reporting practices.
v DIGITAL TRANSFORMATION
Evaluation System for Technical Reviewers
Given the critical role played by the Technical Reviewers (TRs) in the overall review process, the Board has introduced evaluation system based on defined criteria for measuring and assessing the performance of TRs through the FRRB Web Portal. This evaluation is aimed at assessing the quality of the reports submitted by the TRs and will help identify high performing reviewers, allowing cases to be allocated based on proven quality which will further enhance efficiency. In line with this, a webinar with active TRs was held on September 22, 2025, wherein the Evaluation Framework was presented in detail, and feedback/suggestions were invited.
Document Management System (DMS)
As part of ICAI’s digitization initiative, the FRRB implemented a Document Management System (DMS) for structured access to records, under which approximately 9 lakh documents have been scanned, significantly improving record management system. This marks a significant step toward improving record-keeping and data management within the Committee.
v MEMBERS ENRICHMENT – INITIATIVES FOR THE MEMBERS
• FRRB X Handle (Formerly Twitter)
In order to spread awareness among the members regarding the non-compliances observed by FRRB and to give regular updates on the same, ‘Did you know?’ series is going on at FRRB’s X Account with more than 4785 followers. During this period, 38 tweets have been posted on errors observed in compliance related to Accounting Standards (IGAAP), bringing the total number of such tweets to 581 till date.
• Articles on Non-Compliances in ICAI Journal
With a view to apprise the members of the Institute and others concerned about the non compliances observed during the review, the Articles on ‘Non-Compliance with various Reporting Obligations’ are being published in ICAI Journal on regular basis viz articles on ‘Non – Compliances observed in the Ind AS Financial Statements – pertaining to Assets, Equity and Liabilities in Balance Sheet’ have been published in the Institute’s Journal, ‘The Chartered Accountant’, in the issue of November 2025 and December 2025, respectively.
• Webinar Series On ‘Commonly Found Non-Compliances Observed in Financial Statements and Auditor’s Report
FRRB organised series of ‘Webinars on Commonly found Non -Compliances observed in Financial Statements and Auditor’s Report’ facilitating pan-India participation. The webinar received an overwhelming response, with 3,000 participants (approx.) in each webinar.
• Awareness Programme on Financial Reporting Practices
FRRB organised 24 awareness programmes on Financial Reporting Practices- Shaping the future of Audit Excellence were held across various regions/cities i.e., Hyderabad, Mumbai, Nagpur, Kolkata, Bhubaneswar, Vadodara, Ahmedabad, Rajkot, Ernakulam, Thrissur, Kozhikode, Nashik, Rourkela, Navsari, Thiruvananthapuram, Thane, Mangalore, Jammu & Kashmir, Kanpur, Bhopal, Gwalior, Delhi, Ludhiana and Amritsar witnessing more than 3700 participants in aggregate.
Event graced by CA. Charanjot Singh Nanda, Hon’ble President-ICAI, CA. Prasanna Kumar D, Hon’ble Vice-President-ICAI, along with several distinguished Past Chairmen of the Board, CA. Amarjeet Chopra, Past President-ICAI and Founder Chairman-FRRB (CY 2002 03), CA. Sunil Talati, Past President-ICAI and Chairman-FRRB (CYs 2004-05, 2005-06, 2008 09), CA. Vinod Jain, Chairman-FRRB (CY 2003-04), CA. Sanjay Vasudeva, Chairman-FRRB (CY 2018-19), CA. Durgesh Kabra, Chairman-FRRB (CY 2022-23), CA. Hansraj Chugh, Chairman- FRRB (CY 2023-24), CA. Vishal Doshi, Chairman- FRRB (CY 2024-25, 2025-26), Members, FRRB including Shri Mukhmeet Singh Bhatia and Shri Manoj Kumar Sahu, Government Nominees, distinguished representatives from regulatory bodies — Shri Jitesh Kumar Maheshwari (NABARD), Shri Shyam Sundar Mohakud (IRDAI), Ms. Tanuja Mittal (C&AG), Central Council Members and Team FRRB.
