Banks may seek time beyond the March 2011 to shift to IFRS
Dec 2, 2009 Accounting
Banks’ association says the process needs a huge effort. Banks may seek time beyond the March 2011 deadline to shift to International Financial Reporting Standards (IFRS) in view of the mammoth effort required for the switover, according to industry sources.The Indian Banks’ Association (IBA) today said its management committee last week discussed the implications of the convergence.
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Tags: accounting principles, basel ii, corporate affairs, credit exposure, fair value accounting, financial investments, financial reporting standards, hedge accounting, indian banks association, industry sources, INTERNATIONAL FINANCIAL REPORTING STANDARDS, mammoth effort, management committee, preparedness