FIR consists of a document which initiates criminal proceedings to punish the criminal. An FIR is an important claim to your protection in cases of theft or damage to property.
As after you file an FIR the police get full authority to take action on suspected individual and even can arrest a suspect without an arrest warrant for the further process of Investigation. However, police department registers an FIR for cognizable offenses which includes crimes like murder, rape, attack, theft etc.