RBI again Defers Implementation of Indian Accounting Standards (Ind AS) by Banks

RBI again Defers Implementation of Indian Accounting Standards (Ind AS) by Banks:

Reserve Bank of India (RBI) on Friday again deferred the implementation of the Indian Accounting Standards (Ind AS) by banks as the requisite legislative amendments are still under consideration.

Earlier in April 2018, the central bank had postponed the implementation of the Indian Accounting Standards (Ind AS) by the banks by one year.

“The legislative amendments recommended by the Reserve Bank are under consideration of the government of India. Accordingly, it has been decided to defer the implementation of Ind AS till further notice,” the RBI said in a notification.

REFER BELOW OFFICIAL NOTIFICATION

RBI/2018-2019/146
DBR.BP.BC.No.29/21.07.001/2018-19
March 22, 2019
All Scheduled Commercial Banks
(excluding Regional Rural Banks)

Madam / Dear Sir,

Deferral of Implementation of Indian Accounting Standards (Ind AS)

Please refer to paragraph 3 of the Statement on Developmental and Regulatory Policies issued with the First Bi-monthly Monetary Policy 2018-19 on April 5, 2018, wherein the implementation of Ind AS was deferred by one year pending necessary legislative amendments to the Banking Regulation Act, 1949 as also the level of
preparedness of many banks.

2. The legislative amendments recommended by the Reserve Bank are under consideration of the Government of India. Accordingly, it has been decided to defer the implementation of Ind AS till further notice.

Yours faithfully,
(Saurav Sinha)
Chief General Manager-in-Charge

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