http://www.thehindubusinessline.com/news/time-not-ripe-for-nfra-says-new-ca-institutepresident-fadnis/article6925739.

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Time not ripe for National Financial Reporting Authority, says ICAI chief
K. R. SRIVATS
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As a quasi-judicial body, NFRA was expected to oversee quality of financial reporting

NEW DELHI, FEB 23:

The Centre should not rush in setting up of the National Financial Reporting Authority (NFRA), Manoj Fadnis, the newly elected President of the CA Institute has said.
The erstwhile UPA Government had proposed the setting up of NFRA to oversee the overall quality of financial reporting and make recommendations to the government on formulation of accounting and
auditing standards.
As a quasi-judicial body, NFRA was expected to also oversee the service quality of the professionals involved in compliance with the auditing and accounting standards.
We believe NFRA requires some more deliberations and the Government should not rush into its formation, Fadnis said in his first press conference after assuming charge as CA Institute President
These remarks are significant as the Centre is yet to notify the relevant provision and rules (under the company law) on NFRA.
It remains to be seen if the Modi-led Government would go ahead and implement this provision of the new company law.
The CA Institute has been taking a position that it should continue to set the accounting and auditing standards, which could be approved by NFRA.
The new company lawenacted in 2013had provided that the Centre will prescribe accounting standards in consultation with, and after examination of, the recommendations made by NFRA.