The Institute of Chartered Accountants of India (ICAI) has endorsed IFRS implementation for banks by submitting recommendations, dubbed as a ‘roadmap’, to the Reserve Bank of India (RBI), Indian media reports.
ICAI president Subodh Kumar Agrawal told local media the fact the institute has handed "a roadmap" to India’s central bank indicates support for IFRS implementation within the banking sector.
ICAI’s president, however, explained RBI ultimately has responsibility to enforce IFRS adoption between banking companies, a conversion that Agrawal said would not take place earlier than 2015.
ICAI, which is currently the regulator of the accounting profession in India, previously recommended to the Corporate Affairs Ministry change the dates for IFRS adoption by Indian companies.
The ICAI proposed different dates ranging from 1 April 2015 to 2017, depending on the companies’ book value, but Agrawal said this approach would not apply to banking companies.
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By GlobalDataInstitute of Chartered Accountants of India
