The chartered accountants’ fraternity must work hard to maintain the “integrity” and “credibility” of the profession, exhorted Corporate Affairs Minister Sachin Pilot.

As India becomes more relevant to a globalised economy, the expectations will only be on the rise for more transparency, disclosure and compliance, Pilot said.

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No GOING BACK ON NFRA

On another note, he said the Centre is committed to putting in place a national financial reporting authority (NFRA) and there is no going back on this proposal.

NFRA will be established as an “overarching body” to not only bring in work transparency, but also instil confidence in the Indian economy among investors, Pilot said on the sidelines of the 63rd annual function of the CA Institute here.

The proposal to set up NFRA is part of the Companies Bill, 2012, which has already received a nod from the Lok Sabha. But it would be a body blow for the CA Institute, which faces the prospect of losing regulatory hold over its members.

The CA Institute has “some issues” with the proposed NFRA, its outgoing President, Jaydeep Shah, said on Monday.

Shah, who was till recently in the eye of a storm over a land deal during his stint, hoped that the issues would get resolved through the intervention of the Minister.

On his part, Pilot said he was open to discussion but there was no going back on the proposal.

Already, the CA Institute has lost its power to frame and decide the accounting standards that companies in India would be required to follow. This power now vests with the Central Government which set up the national advisory committee on accounting standards for advice.