How is NFRA Enhancing the Financial Reporting Ecosystem?
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Synopsis
The NFRA has launched 'Webinar Series 2025-26' to improve the financial reporting ecosystem in India, with the inaugural session on asset impairment set for November 26. This series aims to engage stakeholders and enhance accounting standards, ensuring alignment with global practices. Don't miss this opportunity to participate in these crucial discussions!
Key Takeaways
- NFRA launches Webinar Series 2025-26 to enhance financial reporting.
- Focus on topics requiring significant management judgments.
- Engagement with stakeholders is emphasized through outreach programs.
- Inaugural session scheduled for November 26.
- New ITR forms to be introduced by Income Tax Department.
New Delhi, Nov 18 (NationPress) The National Financial Reporting Authority (NFRA), which serves as the independent watchdog for Audit and Accounting issues, has introduced a new regulatory initiative titled 'Webinar Series 2025-26' on Tuesday. This initiative aims to elevate the overall standard of financial reporting in India to align with global benchmarks.
The Webinar Series continues NFRA's broader effort to engage and assist essential players in the financial reporting supply chain through various outreach programs, including audit workshops, Audit Practice Toolkits, and Auditor-Audit Committee Interaction sessions.
The formal launch of 'Webinar Series 2025-26' will be led by the Chairperson of NFRA, Nitin Gupta, on November 26, focusing on the topic 'Impairment of Assets under Ind AS 36'.
This series will delve into intricate accounting subjects that necessitate considerable management estimates and judgments, thus demanding heightened professional skepticism from auditors.
The structure of the Webinar Series is designed to encompass both Accounting and Auditing considerations, offering support to both Preparers and Auditors, particularly small and medium-sized practitioners.
Accounting topics will be addressed by relevant subject matter experts, including valuation and risk management specialists.
Over the next four months, NFRA plans to host additional webinars covering vital Accounting and Auditing issues, such as revenue recognition over time and expected credit loss.
Auditors, Accountants, and Independent Directors are encouraged to participate in these insightful discussions.
In parallel, the Income Tax Department is set to announce new income-tax return (ITR) forms and associated regulations under the updated Income Tax Act, 2025, by January, with the new rules taking effect from April 1, 2026.
This update signifies the transition from the long-standing Income Tax Act of 1961, as reported by Ravi Agrawal, the Chairman of the Central Board of Direct Taxes.
Agrawal noted that the new forms are being designed to be straightforward and user-friendly for compliance.
Point of View
The launch of the Webinar Series by NFRA is a commendable step towards strengthening the financial reporting framework in India. It reflects the authority's commitment to enhancing transparency and compliance, ensuring that practitioners are well-equipped to meet global standards. Such initiatives are vital for building trust and credibility within the financial ecosystem, ultimately benefiting the economy as a whole.
NationPress
18/11/2025
Frequently Asked Questions
What is the NFRA?
The National Financial Reporting Authority (NFRA) is an independent regulator responsible for overseeing audit and accounting practices in India.
What is the purpose of the Webinar Series 2025-26?
The Webinar Series aims to enhance the quality of financial reporting in India by providing insights and expertise on complex accounting and auditing issues.
When is the inaugural session scheduled?
The inaugural session is scheduled for November 26, focusing on 'Impairment of Assets under Ind AS 36'.
Who can participate in these webinars?
Auditors, accountants, and independent directors are encouraged to join the discussions and benefit from the insights shared.
What new regulations are being introduced by the Income Tax Department?
The Income Tax Department is set to introduce new income-tax return forms and regulations under the Income Tax Act, 2025, effective from April 1, 2026.
