MANU/RMIC/0103/2016

Ministry : Reserve Bank of India

Department/Board : Department of Banking Regulation

Circular No. : DBR.BP.BC.No.106/21.07.001/2015-2016
                   RBI/2015-2016/429

Date : 23.06.2016

Notification/ Circulars Referred : Circular DBR.BP.BC.No.76/21.07.001/2015-16 dated February 11, 2016 MANU/RMIC/0022/2016;G.S.R.365(E) dated March 30, 2016 MANU/DCAF/0033/2016

Citing Reference:
Circular DBR.BP.BC.No.76/21.07.001/2015-16 dated February 11, 2016 MANU/RMIC/0022/2016  Referred

G.S.R.365(E) dated March 30, 2016 MANU/DCAF/0033/2016  Referred

All Scheduled Commercial Banks
(excluding Regional Rural Banks)

Madam / Dear Sir,

Implementation of Indian Accounting Standards (Ind AS)

Please refer to circular DBR.BP.BC.No.76/21.07.001/2015-16 dated February 11, 2016 on the captioned subject in terms of which banks have been directed to be in preparedness to submit Proforma Ind AS Financial Statements to the Reserve Bank from the half-year ended September 30, 2016, onwards.

2. Banks shall submit Proforma Ind AS Financial Statements, for the half year ended September 30, 2016 latest by November 30, 2016 to the Principal Chief General Manager, Department of Banking Regulation, Central Office, Reserve Bank of India, Mumbai. Banks shall be guided by the Ind ASs notified by the Ministry of Corporate Affairs, Government of India under the Companies (Indian Accounting Standards) Rules, 2015 and Companies (Indian Accounting Standards) (Amendment) Rules, 2016, as amended from time to time, in this regard. [reference G.S.R.111(E) dated February 16, 2015 and G.S.R.365(E) dated March 30, 2016]. Banks shall also refer to the Report of the Working Group on "Implementation of Ind AS by Banks in India" placed on the RBI website on October 20, 2015.

3. The Proforma Ind AS Financial Statements shall include the following:-

(a) Balance Sheet including Statement o........