Financial Reporting Review Board
Chairman, Financial Reporting Review Board
CA. Aniket Sunil Talati
Phone: +91 9825551448
Mobile: +91 9825551448
Functions/Objectives/Terms of Reference
Formation of the Financial Reporting Review Board
- The Council of the Institute of Chartered Accountants of India, at its 226th meeting, held in July 2002, constituted the Financial Reporting Review Board (FRRB) as its non-standing committee.
Scope and Functions of the Financial Reporting Review Board
- The FRRB would review the general purpose financial statements of certain enterprises and auditor’s report thereon with a view to determine, to the extent possible:
- Compliance with the generally accepted accounting principles in the preparation and presentation of financial statements;
- Compliance with the disclosure requirements prescribed by regulatory bodies, statutes and rules and regulations relevant to the enterprise; and
- Compliance with the reporting obligations of the auditor.
The FRRB may review the general purpose financial statements of the enterprise and the auditor’s report thereon either suo motto or on a reference made to it by any regulatory body like, Reserve Bank of India, Securities and Exchange Board of India, Insurance Regulatory and Development Authority, Ministry of Corporate Affairs, Election Commission of India etc. The FRRB may also review general purpose financial statements of the enterprises and the auditor’s report thereon relating to which serious accounting irregularities in the general purpose financial statements have been highlighted by the media reports.
- CA. Aniket Sunil Talati, Chairman
- CA. Dayaniwas Sharma, Vice Chairman
- CA. Jay Chhaira
- CA. Tarun J Ghia
- CA. Nandkishore C Hegde
- CA. Shriniwas Y Joshi
- CA. M P Vijay Kumar
- CA. Sushil Kumar Goyal
- CA. Kemisha Soni
- CA. Atul Kumar Gupta
- CA. Pramod Jain
- CA. (Dr.) Sanjeev Kumar Singhal
- Shri Gyaneshwar Kumar Singh
- Mrs. Ritika Bhatia
- Adv. Vijay Kumar Jhalani
- Significant Achievement
- Cases reviewed during the year
- Partner in Nation Building- Supporting Regulators
- Status of review of cases referred by Regulators
- Seminar on “Commonly observed errors in Financial Statements with respect to Accounting Standard” at Rajkot was organized by FRRB on January 16, 2021. This programme was well attended by 116 participants.
- Seminar on Commonly found Non-compliance on Accounting Standards in Schedule II and III of Companies at Gandhidham was held on January 17, 2021. This programme was attended by 44 participants.
- “Seminar on Financial Reporting: Aspects and Analysis” On 20th December, 2020 was organized by FRRB and hosted by Bhubaneswar Branch of EIRC of ICAI. The programme was attended by more than 100 participants.
- One Day Seminar on CARO – 2020 has been organised at Sivakasi Branch of SIRC of ICAI on March 7, 2020 and was attended by 53 members.
- “Virtual CPE Meeting on Financial Reporting – Aspects and Analysis”, was organized by FRRB on 20thDecember, 2020 from 11:00 AM to 06:00 PM and hosted by WIRC of ICAI. This programme was well attended by more than 280 participants.
- A webinar on ‘’Commonly Observed Errors in Application of Accounting Standards’’ has been conducted jointly with ASB on 15-18 June 2020, to enhance the knowledge of members of the ICAI regarding application of Accounting Standards (IGAAP).
- Recording of Live Webcasts organised by FRRB
- https://live.icai.org/frrb/- "First Ever 2 Day Webinar on Commonly found Non-Compliances of Financial Reporting Requirements observed in Financial Statements prepared under Ind AS framework" on 6th November, 2020 (02:00PM to 5:00 PM) and 7th November, 2020 (11:00 AM to 02:00 PM)
- Commonly found Non-compliances of AS 13: Accounting for Investments and AS 26: Intangible Assets on November 29, 2019 (Friday (4.00 P.M to 6.00 P.M), ICAI Bhawan, Jaipur)
- ‘Commonly found Non-compliances of AS 11 ( The Effects of Changes in Foreign Exchange Rates) and AS 20 (Earnings Per Share)’on -22 October, 2019 (Tuesday (4.00 PM to 6.00 PM), ICAI Bhwan, Kolkata)
- 'Commonly Found Non-compliances of AS 5 (Net Profit or Loss for the Period, Prior Period items and changes in Accounting Policies) and AS 9 (Revenue Recognition) on -27 September, 2019 (Friday (4.00 PM to 6.00 PM), ICAI Bhwan, Indore)
- Commonly Found Non-compliances of CARO, 2016 on 28 August, 2019 (Wednesday (4.00 PM to 6.00 PM), ICAI Bhwan, Kolkata)
- Commonly found Non-compliances of AS - 22 (Accounting for Taxes on Income) on 26 July, 2019 (Friday (4.00 PM to 6.00 PM), ICAI Bhwan, Jaipur)
- "Commonly found Non-Compliance of Schedule II & III of Companies Act 2013 " -on 20 June 2019 (Thursday (04:00 PM to 06:00 PM) ITO, Delhi
- "Commonly Found Non- compliance of AS-18 and AS-2" - on 24th May, 2019 (Friday) (04:00 PM to 06:00 PM) ICAI Bhawan, ITO, New Delhi
- "Commonly found Non-compliances of AS-3 (Cash flow Statements)" -on 24th April, 2019 (Wednesday)(04:00 PM to 06:00 PM) BKC office of the ICAI, Mumbai
- "Commonly found Non-compliances of AS-15 (Employee Benefits)" -on 29th March, 2019 (Friday)(04:00 PM to 06:00 PM) BKC office of the ICAI, Mumbai