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Daily Current Affairs Quiz PDF of 2nd March 2018

Daily Current Affairs Quiz PDF of 2nd March 2018
Hello Aspirants !! Here are all important current affairs in short notes. With this website at hand, you will get a grip to the entire sphere of the knowledge. The sub sections provide a better introspective to the various genres with an added section for the current affairs to keep you updated to the most.

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The Union Cabinet has approved the proposal for establishment of National Financial Reporting Authority (NFRA). The decision aims at establishment of NFRA as an independent regulator for the auditing profession which is one of the key changes brought in by the Companies Act, 2013.
About NFRA:
What is it? National Financial Reporting Authority (NFRA) is a body proposed in Companies Act 2013 for the establishment and enforcement of accounting and auditing standards and oversight of the work of auditors.
Functions: It would be an overarching watchdog for auditing profession and once set up, the current powers of the ICAI to act against erring chartered accountants will be vested with the new regulator. The NFRA will have powers to debar an erring auditor or auditing firm for up to ten years besides slapping heavy penalties.
Jurisdiction: The jurisdiction of the NFRA will extend to all listed companies as well as large unlisted public companies. Besides, the government can refer other entities for investigation by the NFRA where public interest would be involved.
Composition: The regulator will have 15 members, including a chairperson and three full-time members. Besides, there would be a secretary.
What necessitated this move?
The need for establishing NFRA has arisen on account of the need felt across various jurisdictions in the world, in the wake of accounting scams, to establish independent regulators, independent from those it regulates, for enforcement of auditing standards and ensuring the quality of audits to strengthen the independence of audit firms, quality of audits and, therefore, enhance investor and public confidence in financial disclosures of companies.
The decision is expected to result in improved foreign/domestic investments, enhancement of economic growth, supporting the globalisation of business by meeting international practices, and assist in further development of audit profession.
Expressing concern over the increase in the import of ornamental fishes to the country, which is posing a threat to India’s native fish populations, the National Biodiversity Authority (NBA) has urged the government to come up with quarantine facilities at major seaports and airports.
What’s the concern?
The government of India has only approved the import of 92 species of ornamental fish but the number of ornamental fish species being imported and in trade is somewhere between 200-300. The huge market for Invasive Alien Species (IAS) is turning out to be major threat to India’s aquatic biodiversity. Several studies have disclosed the occurrence of exotic ornamental fish in many inland aquatic systems, including biodiversity-sensitive areas such as the Western Ghats.
National list of Invasive Alien Species (IAS):
Under the Centre for Biodiversity and Policy and Law (CEBPOL), the NBA is trying to bring out a national list of IAS. So far, no attempt has been made by any scientific organisation to have a national IAS list across different categories. The list will be put made available on a public platform and will be communicated to different Ministries and stakeholders.
The announcement by NBA assumes significance as scientists and experts in the country are still divided over the number of IAS and their economic and ecological impact.
Facts for Prelims: CEBPOL is a bilateral collaboration between the Indian and Norwegian governments, and focuses on biodiversity policies and laws.
Way ahead:
While the number of publications on IAS has increased over the past few years, there has been no coordinated effort for the management of IAS. Statisticians and biologists need to come together for distribution mapping and the application of statistical approaches in the management of IAS. Besides legislative measures, there is the need for educating and creating awareness among Customs officials at airports and seaports. Most of the fish are imported from southeast Asian countries.

About NBA:
The National Biodiversity Authority (NBA) was established by the Central Government in 2003 to implement India’s Biological Diversity Act (2002). The NBA is a Statutory Body and it performs facilitative, regulatory and advisory functions for the Government of India on issues of conservation, sustainable use of biological resources and fair and equitable sharing of benefits arising out of the use of biological resources.
A survey of over a hundred tiger conservation areas by 11 leading conservation organisations and countries with tiger ranges that are part of the Conservation Assured | Tiger Standards (CA|TS) Partnership has found that only 13% of tiger conservation areas meet global standards.
Important findings:
  • The surveyed area is home to approximately 70% of the world’s wild tigers. At least one-third of these areas are severely at risk of losing their tigers and most of these sites are in southeast Asia.
  • While basic needs such as encroachment against poaching, engaging local communities and managing conflict between people and wildlife remained weak for all surveyed areas, two-thirds of the surveyed area reported fair to strong management.
  • Despite poaching being one of the greatest threats faced by the big cats, 85% of the areas surveyed do not have the staff capacity to patrol sites effectively and 61% of the areas in Southeast Asia have very limited anti-poaching enforcement.
What is Conservation Assured | Tiger Standards (CA|TS)?
CA|TS is a set of criteria which allows tiger sites to check if their management will lead to successful tiger conservation. CA|TS is organised under seven pillars and 17 elements of critical management activity. Officially launched in 2013, CA|TS is an important part of Tx2, the global goal to double wild tiger numbers by the year 2022.
  • Developed by WWF and partners, the Global Tiger Forum (GTF) has endorsed CA|TS and has requested member countries to establish National Review Committees for purpose of initiating CA|TS.
  • CA|TS is an important tool in the achievement of the CBD’s Global Aichi Targets, in particular Aichi Target 11 and 12, and contributes to the implementation of the Programme of Work on Protected Areas, particularly the last goal related to Standards, Assessment and Monitoring.

Sites taking part will initially be ‘registered’ (standards not yet attained) then, when all required standards are met, ‘approved’ (standards achieved). An approved site has achieved excellence in tiger site management. Sites are evaluated through an assessment and independent review process.
Of the 13 tiger range countries Nepal, India, Bangladesh and Russia have registered and rolled out CA|TS, whilst discussion is ongoing with Bhutan, Indonesia, Thailand, Malaysia and China.
Protected areas are a good strategy for retaining forest cover, however their role in protecting wildlife depends on the quality of management. Many studies show that tiger numbers can continue to decline in protected areas, particularly due to bushmeat (tiger prey) hunting or the poaching of tigers themselves for trophies, traditional medicines and other illegal activities.
Until CA|TS, there has not been a set of criteria which not only provide clarity on management of tiger sites, but also encourage further development and sharing of best practice across the tiger range countries.
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