Accounting rule deadline to be extended

Accounting rule deadline to be extended

Mumbai: India will extend the 1 April 2011 deadline for banks, insurers and non-bank financial companies to disclose earnings based on a new accounting standard, Y.H. Malegam, a Reserve Bank of India board member, said on Wednesday.

The panel on accounting standards headed by Malegam has sent its recommendations to the ministry of corporate affairs, Malegam said. The ministry will unveil the new date soon, he added. The central bank had earlier set the deadline for all Indian companies to start using the International Financial Reporting Standards by next year.

Close