Discuss the primary objectives of the National Financial Reporting Authority (NFRA) as enshrined under the Companies Act, 2013.

As per Section 132 of the Companies Act, 2013 read with the National Financial Reporting Authority Rules 2018, the Central Government has introduced a new regulatory authority named as National Authority for Financial Reporting known as National Financial Reporting Authority (NFRA) with wide powers to recommend, enforce and monitor the compliance of accounting and auditing standards. The objectives of National Financial Reporting Authority inter alia shall be as follows: 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; monitor and 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; and a perform such other functions as may be prescribed in relation to aforementioned objectives.