BackRBI asks urban cooperative banks to get ready for IFRS
RBI asks urban cooperative banks to get ready for IFRS
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Mumbai: The Reserve Bank on Tuesday asked urban cooperative banks (UCBs) to take necessary steps to ensure smooth transition to new international accounting norms IFRS from April 2014.
It said that banks and NBFCs should upgrade their skills, manage information system and technology capabilities for smooth transition to new financial reporting standards to manage complexities and challenges of international standards. According to a roadmap of the Corporate Affairs Ministry, all large commmercial scheduled banks are mandated to prepare their books of accounts according to the International Financial Reporting Standards (IFRS) from 1 April , 2013.
Besides, smaller urban cooperative banks and non-banking finance companies are to converge their opening balance sheets with IFRS from 1 April, 2014.
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