Friday, 29 June 2018

WOULD YOU AGREE THAT THE PEOPLE OF THE INDUS VALLEY CIVILIZATION WERE GREAT ART LOVERS? GIVE REASONS FOR YOUR ANSWER.


Indus valley civilization is one of the oldest civilization of the world and the IVC people were great art lovers. The arts of the IVC emerged during the second half of the third millennium B.C. The forms of art found from various sites of the IVC include sculptures, seals, pottery, gold jewellery, terracota figures etc....
The IVC people of that time surely had fine artistic sensibilities and vivid imagination. Their delineation of human and animal figures was highly realistic in nature. Since the anatomical details include them was unique.
The Art of bronze casting was practised on a wide scale by the IVC people. Their bronze statues were made using the lost wax technique. ex; bronze dancing girl. In the case of terracota art, the modelling of animal figures was done in an extremely artistic manner. Terra cota images, ex Mother goddess, terracota figures, toycarts with wheels,birds and animals.
The stone statuaries found at Harappa and Mohenjadaro are best example of handling three dimensional volumes.ex; Steatite bearded man, Torso in red sand stone.
Indus valley pottery was the black painted ware has a fine coating of red slip on which geometric and animal designs are executed in glossy black paint. IVC men and women decorated themselves with a large variety of beads and ornaments from every conceivable material ranging from precious metals and gemstones to bone and baked clay.
The beads are in varying shapes like disc shaped, cylindrical, spherical and barrel shaped. Finally the IVC seals were fine and artistic manner, it was made up by Steatite and other costly metals.The fine variety of seals consists of animal motifs and pictograps.

WHAT IS NATIONAL FINANCIAL REPORTING AUTHORITY? EXPLAIN THE NEED FOR ESTABLISHING NFRA AND ALSO EXPLAIN THE IMPACT OF NFRA.


National financial reporting authority (NFRA), is an independent regulatory for auditing profession, one of the key changes brought in by the companies act, 2013. Standing committee on finance recommended to include this provision in the companies act 2013.

Need for establishing NFRA:

  • In the wake of accounting scams like Bernie Modoff scandal, Satyam scandal etc., (PNB scam).
  • To establish an independent Regulator.
  • For enforcement of auditing standards.
  • To ensure that the quality of audits done in accordance with auditing standards.
  • To strengthen the independent of audit firms.
  • To enhance investor and public confidence in financial disclosure of companies.


Impact of NFRA:

  • It results in improved foreign or domestic investments.
  • Enhancement of economic growth.
  • Supporting the globalisation of business by meeting International practices.
  • It assists in further development of audit profession.
  • In India, establishing NFRA is a welcoming step as the most of the major economics of the world have independent audit regulations.

NATIONAL FINANCIAL REPORTING AUTHORITY (NFRA)


National Financial Reporting Authority (NFRA) is a body proposed in Companies Act 2013 for the establishment and enforcement of accounting and auditing standards and oversight of the work of auditors.
The concept and composition of the National Financial Reporting Authority (NFRA) was originally introduced by the Companies Act, 2013. The Union Cabinet on 1st March, 2018 approved the proposal for establishing the National Financial Reporting Authority (NFRA). The establishment of NFRA as an independent regulator for the auditing profession will improve the transparency and reliability of financial statements and information presented by listed companies and large unlisted companies in India.

Structure of the Authority
Committee on Accounting Standards,
Committee on Auditing Standards,
Committee on Enforcement.

Composition of the National Financial Reporting Authority (NFRA)
  • The NFRA will consist of one Chairperson, three posts of full time Members and one post of Secretary.
  • The Chairperson of NFRA will be appointed by the Central Government from time to time and would be someone having expertise in accountancy, auditing, finance or law.
  • The Chairperson and members of the NFRA are required to make a declaration to the Central Government regarding no conflict of interest or lack of independence in respect  of his or their appointment.
  • The Chairperson and members of the NFRA cannot be associated with any audit firm (including related consultancy firms) during the course of their appointment and two years after ceasing to hold such appointment.

Role of the National Financial Reporting Authority (NFRA)
The Companies Act, 2013 provides the following roles and responsibilities for the NFRA
  • Make recommendations to the Central Government on the formulation and laying down of accounting and auditing policies and standards for adoption by companies or class of companies or their auditors, as the case may be.
  • Monitorand enforce the compliance with accounting standards and auditing standards in such manner as may be prescribed.
  • Oversee the quality of service of the professions associated with ensuring compliance with such standards, and suggest measures required for improvement in quality of service and such other related matters as may be prescribed.

Powers of the National Financial Reporting Authority (NFRA)
The National Financial Reporting Authority has the following powers to execute its roles and responsibilities

  • Power to investigate, either suo motu or on a reference made to it by the Central Government, for such class of bodies corporate or persons, in such manner as may be
  • prescribed into the matters of professional or other misconduct committed by any member or firm of Chartered Accountants, registered under the Chartered Accountants Act, 1949.
  • Provided that no other institute or body shall initiate or continue any proceedings in such matters of misconduct where the National Financial Reporting Authority has initiated an investigation under this section.
  • Imposing penalty of not less than one lakh rupees, but which may extend to five times of the fees received, in case of individuals. Imposing penalty of not less than ten lakh rupees, but which may extend to ten times of the fees received, in case of firms.
  • Debarring the member or the firm from engaging himself or itself from practice as member of the Institute of Chartered Accountant of India for a minimum period of six  months or for such higher period not exceeding ten years as may be decided by the National Financial Reporting Authority.
  • The newly set up National Financial Reporting Authority (NFRA) is empowered to impose penalties on erring audit firms, The power to impose penalties on audit firms has been conferred on NFRA under the Companies Act 2013,
  • It was also specified that the jurisdiction of NFRA for investigation of CAs and their firms would extend to all listed companies and large unlisted companies, the thresholds for which shall be prescribed in the rules.
  • NFRA will have the power to investigate not only chartered accountants who audited a firm but also firms of chartered accountants and can impose a penalty of up to five times the fee received in case of misconduct by individuals and ten times the fees received in case of firms. It can also debar an auditor for up to ten years.


Functions of the Authority
The Authority shall

  • Receive recommendations from the Committee on Accounting Standards and Committee on Auditing Standards;
  • Consider and review the recommendations;
  • Give an opportunity of being heard to the Committee on any clarification that may be sought;
  • Make amendments as may be required;
  • Recommend the standards to the Central Government for being considered and notified.

THE IDEA OF JUSTICE BY AMARTYA SEN


WINGS OF FIRE - AN AUTOBIOGRAPHY OF APJ ABDUL KALAM


ENVIRONMENT BY SHANKAR IAS ACADEMY


ENVIRONMENTAL STUDIES BY ERACH BHARUCHA


GEOGRAPHY - INSTANT REVISION BY NICHOLAS ROWLES


GEOGRAPHY OF INDIA BY MAJID HUSSAIN

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