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Introducing the “In Favour Of” filter in Case Laws.
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of <h1>Key definitions for NFRA Rules 2018: accounting/auditing standards, who counts as an auditor, and Authority u/s 132</h1> Defines key terms for the National Financial Reporting Authority Rules, 2018 by adopting statutory meanings for 'accounting standards' and 'auditing standards' as defined in the Companies Act, 2013, and defining 'auditor' to include individuals, firms and LLPs appointed as auditors of a company or body corporate under the Companies Act, 2013 or any other applicable law, thereby specifying who falls within the Rules' regulatory ambit. It defines 'Authority' as the NFRA constituted under section 132 of the Companies Act, 2013, and defines 'chairperson', 'full-time member' and 'part-time member', and 'Division' (including one headed by the chairperson or a full-time member) and 'Form', thereby fixing the Rules' institutional and procedural terminology. Undefined terms adopt the meanings assigned in the Companies Act, 2013.
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