Overview: The National Financial Reporting Authority (NFRA) is a regulatory body established by the Union Government of India under the Companies Act, 2013. Its primary role is to oversee and enhance the standards of financial reporting and auditing in India, with the goal of curbing corporate fraud and protecting shareholders' interests.

Recent Developments:

• NFRA has recently commenced its first annual inspection of eight audit firms. This inspection is a significant step in evaluating the adherence to auditing standards and processes, which could lead to strengthening the overall audit and accounting framework in the country.

Functions:

1. Policy Recommendations: NFRA recommends accounting and auditing policies and standards to be adopted by companies. These recommendations are submitted for approval by the Central Government.
2. Compliance Monitoring: It monitors and enforces compliance with accounting and auditing standards.
3. Quality Oversight: NFRA oversees the quality of services provided by professionals involved in ensuring compliance with standards and suggests measures for service improvement.

Composition:

• Chairperson: Appointed by the Central Government.
• Members: Up to 15 members, all with expertise in accountancy, auditing, finance, or law.
  • All full-time members, including the chairperson, must not have any association with audit firms (including related consultancy firms) during their term and for two years after their term ends.

The NFRA's efforts in inspecting audit firms and monitoring compliance are crucial for maintaining the integrity of financial reporting and ensuring robust corporate governance in India.

• The report reveals a global problem with "child food poverty" (CFP), which is defined as children's inability to access and consume a nutritious and diverse diet in their early childhood (first five years of life).

• This is an alarming finding, as proper nutrition in the early years of life is critical for a child's healthy physical and cognitive development.

• The report highlights the severe and widespread nature of this issue, indicating it is a global problem that needs to be addressed.

Prevalence:

• Around 27% of children globally live in severe child food poverty (CFP)
• In India, 40% of children suffer from severe CFP, the 2nd highest burden in South Asia after Afghanistan

Diet Quality:

• Unhealthy foods are becoming entrenched in children's diets, replacing nutrient-rich foods

Income and CFP:

• Severe CFP affects children in both poor and non-poor households, indicating income is not the only driving factor

Causes:

• Growing inequities
• Conflict and climate crises
• Rising food prices
• Overabundance of unhealthy foods
• Harmful food marketing strategies
• Poor child-feeding practices

Strengthen Data Systems

• Invest in robust data collection and analysis systems to better assess the severity and trends of childhood food poisoning (CFP) cases.
• Establish standardized protocols for CFP reporting and monitoring to improve the quality and comparability of data across regions.
• Leverage technology and digital tools to streamline data management and enable real-time surveillance of CFP incidents.

Transform Food Systems

• Implement policies and programs that increase the availability, affordability, and desirability of nutritious foods for young children.
• Support local food production, distribution, and marketing initiatives to improve access to diverse, nutrient-rich ingredients.
• Engage with food manufacturers to reformulate popular children's foods to be more nutritious without compromising taste or affordability.
• Promote nutrition education and behavior change communications to shift cultural norms and encourage healthy eating among families.

Leverage Health Systems

• Train healthcare providers to deliver comprehensive nutrition counseling and support services as part of routine child wellness visits.
• Integrate essential nutrition interventions, such as micronutrient supplementation and growth monitoring, into primary healthcare services.
• Strengthen the capacity of community health workers to reach families with tailored feeding guidance and nutrition support.
• Collaborate with schools and daycare centers to ensure the provision of nutritious meals and snacks for young children.

The Swiss Peace Summit, formally titled the Path to Peace Summit, concluded recently at the Bürgenstock resort in Switzerland, focusing on the ongoing conflict between Russia and Ukraine.

Key Outcomes of the Swiss Peace Summit

1. Final Joint Communiqué:
   • Support: The communiqué was supported by 80 countries and four organizations out of the 100 attending delegations.
   • Territorial Integrity: It emphasized that the territorial integrity of Ukraine should be respected as the basis for any peace agreement to end the war.
2. Important Themes in the Final Statement:
   • Nuclear Safety:
     • Inadmissibility of Nuclear Threats: The communiqué asserted that any threat or use of nuclear weapons in the context of the ongoing war is unacceptable.
   • Food Security:
     • Prevention of Weaponization: It stressed that food security must not be weaponized and Ukrainian agricultural products should be freely provided to third countries.
   • Prisoner Exchanges:
     • Release of Prisoners of War: All prisoners of war must be released through a complete exchange.
     • Return of Unlawfully Detained Civilians: The statement called for the return of all deported and unlawfully displaced Ukrainian children and other civilians to Ukraine.
3. Humanitarian Aid:
   • Emphasis on Aid: The summit highlighted the critical need for humanitarian aid to those affected by the conflict, including displaced persons and civilians in war-torn areas.

India’s Stand at the Summit

1. Participation:
   • Representation: India attended the summit and was represented by the Secretary (West) in the Ministry of External Affairs.
2. Position on the Joint Communiqué:
   • Decision Not to Sign: India decided not to sign the joint communiqué. The Indian position emphasized that enduring peace can only be achieved through dialogue and diplomacy.
   • Reason for Non-Signature:
     • Absence of Russia: Since Russia, one of the two warring parties, declined to attend the summit, India believed that a lasting peace agreement could not be reached without the participation of both primary parties involved in the conflict.

Reasons Behind India's Position

1. Need for Inclusive Dialogue:
   • Dialogue and Diplomacy: India underscored that any resolution to the conflict must involve all relevant parties and that peace agreements should be acceptable to both warring sides for them to be effective and enduring.
2. Absence of Key Party:
   • Russia’s Non-Participation: The absence of Russia, a crucial party in the conflict, was seen as a significant factor limiting the summit’s potential to achieve a comprehensive and lasting peace.

Conclusion

The Path to Peace Summit successfully produced a final communiqué with broad international support, focusing on key issues like nuclear safety, food security, and humanitarian aid. While the communiqué outlined important principles for ending the conflict, India's decision not to sign was based on the belief that true and lasting peace requires the participation and agreement of all principal parties involved in the conflict. India's stance highlights the importance of inclusive dialogue and the necessity of involving all stakeholders to reach a sustainable resolution