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INDIAN BANKS ASKED TO ADHERE TO ACCOUNTING STANDARD NORMS.
MUMBAI, April 1 Asia Pulse - The Reserve Bank of India has asked banks to follow amended guidelines for preparing financial statements from the accounting year ending March 31, 2003, to eliminate the gap in compliance with accounting standards.
The revised norms pertaining to areas like net profit/loss, revenue recognition, segment reporting and related party disclosures should be implemented to avoid qualifications in the financial statements, RBI said in a notification to the commercial banks and added that the guidelines should be placed by banks before their ...
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Source: HighBeam Research, INDIAN BANKS ASKED TO ADHERE TO ACCOUNTING STANDARD NORMS.