NFRA’s Pushes 44 Ind AS Notifications & 40 Revised Audit Standards, says MCA
According to the Ministry, NFRA has been conducting a series of nationwide outreach programmes titled “Creating a Better Financial Reporting World”, aimed particularly at enhancing audit quality among small and medium audit firms.
The National Financial Reporting Authority (NFRA) has intensified its standard-setting and audit-quality initiatives, with the Ministry of Corporate Affairs informing Parliament that the regulator has pushed 44 notified amendments to Indian Accounting Standards (Ind AS) and proposed 40 revised Standards on Auditing (SAs).
The report came in the question put forward by MPs including Shivmangal Singh Tomar, Shri Chandan Chauhan, Shashank Mani PP Chaudhary and Bunty Vivek Sahu before the Lok Sabha.
As per the reports, Minister of State Corporate Affairs, MP Harsh Malhotra said that beyond the 44 notified Ind AS amendments, the NFRA recommended 27 Accounting Standards specifically for small and medium companies, all of which have now been formally notified by the Ministry.
In parallel, the regulating authority has proposed 40 revised high-quality auditing standards, including new standards on group audits and quality management, marking one of the most comprehensive updates to India’s audit standards in recent years.
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The regulator also rolled out its first-ever Audit Firm Survey 2025, which saw participation from 383 audit firms across India. The survey tries to gain views on on-ground problems experienced by auditors and offers comments to NFRA as it continues to refine its oversight role. The Ministry stated that the poll promotes positive conversation with practitioners and helps adapt future regulatory initiatives.
According to the Ministry, NFRA has been conducting a series of nationwide outreach programmes titled “Creating a Better Financial Reporting World”, aimed particularly at enhancing audit quality among small and medium audit firms.
These programmes, held in cities including Hyderabad (26 September 2025) and Indore (6 October 2025), brought together dozens of practitioners and audit firms to discuss challenges and evolving expectations in the audit ecosystem.
The Ministry further confirmed that NFRA has reached out to areas like Madhya Pradesh, where 42 practitioners from the state and surrounding areas were brought together for the Indore Public Relations Program. The session focused on audit quality for SMPs and offered practitioners a venue to engage directly with the regulator on upcoming regulatory concerns.
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