- The objective of the National Financial Reporting Authority (NFRA) is to continuously improve the quality of all corporate financial reporting in India.
- The quality of corporate financial reporting will be measured and evaluated essentially by its compliance with the law and the statutorily notified accounting standards and auditing standards.
- NFRA will strive for continuous improvement of corporate financial reporting across all types of Public Interest Entities (PIEs) and across all size categories of audit firms.
- NFRA aims to be an organization noted for integrity, industry, and competence.
- Persons who work for NFRA will adhere to the highest standards of uncompromising integrity, possess a vision of transforming the quality of corporate financial reporting, and display high levels of initiative and an unflagging drive for their work.
NFRA aspires to known for:
- Objectivity – No subjective action from either members or staff, openness to all facts/views/opinions without any pre-conceived conclusions or pre-judging any matter.
- Integrity – Across cases/persons/firms, absence of multiple standards, uniform treatment of all those identically/similarly placed.
- Impartiality – Discharge of its functions without fear or favour.
- Independence – Equidistant from all stakeholders.
- Fairness – Not imposing unfair burdens especially with the benefit of hindsight
- Transparency– Fair and open processes.
NFRA’s functioning will at all times be mindful of the need to promote the ease and speed of doing business, and will be guided always by the overall public interest, with all its actions being strictly anchored by and lying within,its legal mandate.