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RBI seeks comments on Ind AS by November-end

Mumbai :The Reserve Bank today sought comments on the report by a working group on implementation of Indian accounting standards (Ind AS) by banks.

“Suggestions or comments, if any, on the report may be sent to the Reserve Bank on or before November 30, 2015,” the RBI said in a release here. The working group was chaired by Sudarshan Sen, the principal chief general manager at the department of banking regulation, RBI.

The latest Budget had emphasised the urgent need for convergence of the current accounting standards in the country with International Financial Reporting Standards (IFRS).

The corporate affairs ministry has already notified the rules for IFRS converged Indian accounting standards (Ind AS) along with its implementation road map for corporates in a phased manner from 2016-17 onwards.

The roadmap for convergence of insurance companies, banking companies and non-banking financial companies (NBFCs) is expected to be announced by MCA in due course.

The RBI recommended to the ministry a roadmap for implementation of the Ind-AS by banks from 2018-19 onwards and NBFCs in a phased manner (2018-19 and 2019-20). Considering these developments, a working group was constituted to look into the issues in implementation of Ind-AS by banks.