Financial Daily from THE HINDU group of publications
Monday, Jul 01, 2002
Financial Daily from THE HINDU group of publications Monday, Jul 01, 2002 |
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Money & Banking
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Accounting Standards ICAI accounting norms optional for listed banks for fiscal 2002 K.R. Srivats
NEW DELHI, June 30 THE Securities and Exchange Board of India (SEBI) has made compliance with the four accounting standards of the Institute of Chartered Accountants of India (ICAI) optional for the listed banks for the financial year ended March 31, 2002. This follows the Reserve Bank of India's decision to allow banks to comply with the four accounting standards — AS-17 on Segment Reporting; AS-18 on Related Party Disclosure; AS-21 on Consolidated Financial Statements and AS-22 on Taxes on Income — on an optional basis only for the financial year ended March 31, 2002. A SEBI official said that the stock exchanges had also been advised by the capital markets regulator that banks would be required to conform to these four accounting standards for the years commencing on or after April 1, 2002. The board had in August 2001 directed the stock exchanges to amend their listing agreement to make it mandatory for listed companies to comply with all the accounting standards issued by ICAI from time to time. Some of the listed banks had expressed their difficulties in complying with the requirements of the new accounting standards to RBI.
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