SECONDARY MARKET DEPARTMENT
June 26, 2002
The Executive Director/Managing Director of all the stock exchange.
This has reference to our circular no. SMDRP/Policy/Cir-44/2001 dated August 31, 2001, advising the exchanges inter-alia to amend the listing agreement to make it mandatory for listed companies to comply with all Accounting Standards issued by The Institute of Chartered Accountants of India (ICAI) from time to time.
Reserve Bank of India(RBI) after considering the difficulties expressed by the banks in complying with the requirements of the new Accounting Standards, has decided to make the compliance with the following four Accounting Standards optional for banks only for the financial year ended March 31, 2002:
AS-17 on Segment Reporting.AS-18 on Related Party Disclosure.AS-21 on Consolidated Financial Statements, and
AS-22 on Taxes on Income In line with the above decision of RBI, exchanges are advised that compliance with the above Standards as advised vide SEBI circular dated August 31, 2001 will be optional for the banks only for the financial year ended March 31, 2002 and banks would be required to conform to the above Accounting Standards for the years commencing on or after April 01, 2002.
You are advised to take note of the above and ensure compliance.