The Reserve Bank of India (RBI) will continue with prudential norms for banks, the Institute of Chartered Accountants of India (ICAI) has said. It also stated that International Financial Reporting Standards-9 (IFRS 9) for banks will not be adopted. However, AS 30 (for recognition, measure of financial instruments), AS 31 (for presentation of financial instruments) and AS 32 (for disclosure of financial instruments) have been made mandatory from April 1, 2011.
Further ICAI said that IFRS-converged standard notifications will be implemented by December 30 and the May 2011 chartered accountants syllabus will have the converged standards. “It will include IAS- and IFRS-converged standards,” the institute said.
