ICICI Bank 2009 Annual Report Download - page 63

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61Annual Report 2008-2009
The Power of Belief
INTERNATIONAL FINANCIAL REPORTING STANDARDS
Convergence with International Financial Reporting Standards (IFRS), issued by the International Accounting
Standards Board (IASB) is gaining the attention of companies, regulators and investing communities across the
globe. Many countries have adopted IFRS and some of them, including India, are in the process of adopting the
same. The Institute of Chartered Accountants of India (ICAI) has issued a roadmap for convergence of Indian
GAAP with IFRS by April 1, 2011.
Currently, we report our financials under Indian GAAP and also report a reconciliation of Indian GAAP with US
GAAP to determine shareholders’ equity and net profit in accordance with US GAAP. We will adopt IFRS for our
consolidated financial statements as per the roadmap issued by ICAI. The main impact on banks will be on account
of the IFRS relating to Financial Instruments (IAS 39, IAS 32 and IFRS 7). The ICAI, has already issued similar
Accounting Standards (AS) relating to Financial Instruments (AS 30, AS 31 and AS 32), which are recommendatory
from April 1, 2009 till March 31, 2011 and mandatory from April 1, 2011. We have commenced preparations for
the conversion to IFRS.
The reconciliation to US GAAP and related notes will be issued separately.