Recently cabinet approved setting up of National Financial Reporting Authority Consider the followin...........

Economic Affairs Financial Institutions

Recently, cabinet approved setting up of National Financial Reporting Authority. Consider the following statements about NFRA:

1. NFRA will be an independent regulator under Companies Act, 2013.

2. NFRA will be a 10-member body, consisting of a Chairperson, three full-time members and one secretary.

3. NFRA will replace the Quality Review Board

Which of the above statements is/are incorrect?

1 and 2 only

3 only

1 only

1, 2 and 3

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Explanation:

....EXp
The Union Cabinet chaired by the Prime Minister has approved the proposal for establishment of National Financial Reporting Authority (NFRA) and creation of one post of Chairperson, three posts of full-time Members and one post of Secretary for NFRA.
The decision aims at establishment of NFRA as an independent regulator for the auditing profession which is one of the key changes brought in by the Companies Act, 2013.
For more detail:-
http://www.mca.gov.in/SearchableActs/Section132.htm