Banks to submit pro forma Ind AS financial statements

Banks to submit pro forma Ind AS financial statements

On 23 June 2016, the Reserve Bank of India (RBI) issued a circular

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24 June 2016

On 23 June 2016, the Reserve Bank of India (RBI) issued a circular (reference DBR.BP.BC.No.106/ 21.07.001/2015-16) (the RBI circular) providing directions to all scheduled commercial banks (excluding regional rural banks), to submit their pro forma financial statements prepared on the basis of the Indian Accounting Standards (Ind AS) for the half-year ended 30 September 2016, latest by 30 November 2016.

Banks will be guided by the Ind AS notified by the Ministry of Corporate Affairs (MCA) from time to time and should also refer to the report published by RBI’s Working Group on ‘Implementation of Ind AS by Banks in India’ in October 2015.

This issue of IFRS Notes provides overview of the RBI circular.

To access the text of the RBI circular, please click here.

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