The National Financial Reporting Authority (NFRA) has found errors in the financial statements of KIOCL for the 2019-20 fiscal and has flagged that the company's accounting policy for foreign exchange forward contracts was ''erroneous''.
The findings are part of the watchdog's Financial Reporting Quality Review Report (FRQRR) of KIOCL for 2019-20, and is also the first FRQRR issued by it.
KIOCL is engaged in the business of manufacturing and exporting high quality Iron Oxide Pellets and supply of pig iron for domestic market..The company also in the business segment of Pellets, Pig Iron.
