Reserve Bank today asked banks to submit proforma Ind AS Financial statements for the half year ending September by November-end as part of transition to International Financial Reporting Standards from April 2018.
"Banks shall be guided by the Ind AS notified by the Ministry of Corporate Affairs under the Companies (Indian Accounting Standards) Rules, 2015 and Companies (Indian Accounting Standards) (Amendment) Rules, 2016, as amended from time to time, in this regard," RBI said in a notification.
The Proforma Ind AS Financial Statements include balancesheets with statement of changes in equity. Besides, it should have profit and loss account and notes, it said.
"To begin with, banks which are not in a position to submit both stand-alone and consolidated proforma Ind AS financial statements for the half year ended September 30, 2016, are permitted to submit only stand-alone financial statements," it said.
However, it said banks will have to submit both proforma Ind AS standalone and consolidated financial statements subsequently.
For the purpose of preparation of proforma Ind AS financial statements for the half year ending September 30, 2016, the notional date of transition to Ind AS should be the beginning of business as on April 1, 2016, it said.
"This, however, does not change the date of transition for the purpose of preparation of Ind AS financial statements for the accounting period beginning April 1, 2018, which shall be as per the provisions of Ind AS 101 First Time Adoption of Indian Accounting Standards," it said.
