Reserve Bank of India to address IFRS implementation issues in banking sector
22 Jul 2010
The Reserve Bank of India has set up a working group to address "...implementation issues and facilitate formulation of operational guidelines in the context of International Financial Reporting Standards (IFRSs) convergence for the Indian banking system."
The group will address the following issues:
- Classification and measurement of financial assets
- Classification and measurement of financial liabilities and hedge accounting, including balance sheet issues of corporates and their implications.
- Amortised cost and impairment
- Fair value measurement
- Presentation, disclosures and balance sheet formats
- Derecognition, consolidation and residuary issues
