The National Financial Reporting Authority (NFRA) has issued the Financial Reporting Quality Review Report (FRQRR) in respect of Prabhu Steels Industries Limited (PSIL) for the Financial Year 2019-20.
Some of the main observations classified as High Impact w.r.t. Non Compliances of Accounting Standards on part of the Company are as follows:
By not complying with the material requirements of Ind AS Framework and providing disclosures under previously applicable accounting framework, the Company has violated the provisions of the Companies Act, 2013 regarding the preparation and presentation of the Financial Statements.
In view of the errors/omissions being pervasive across the entire Financial Statements, PSIL has agreed to prepare and publish restated Financial Statements as per Companies Act, 2013, within 90 days.
The FRQR Report can be seen on NFRA website: https://nfra.gov.in.
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