ICICI Bank 2010 Annual Report Download - page 69

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SEBI has issued a circular on amendments to the Equity Listing Agreement which provides for an option for
listed entities to submit their consolidated financial results either in accordance with the accounting standards
specified in Section 211 (3C) of the Companies Act, 1956 or in accordance with IFRS as issued by the International
Accounting Standards Board (IASB). It also provides that entities shall provide a reconciliation of significant
differences between the figures as per IFRS and figures as per the notified accounting standards. Submission
of standalone financial results to the stock exchanges shall continue to be in accordance with the Indian GAAP
requirements.
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.
Currently, IASB has undertaken a project which will replace the current standards on financial instruments,
particularly IAS 39, in a phased manner. As a part of this project, IASB has issued IFRS 9 – “Financial
Instruments” which introduces a new classification and measurement regime for financial assets within its
scope. Additionally, the IASB has released exposure drafts on ‘amortised cost and impairment’, ‘fair value
option for financial liabilities’. The exposure draft on hedge accounting is expected to be released shortly
by IASB. These revisions are expected to be significantly different from existing IAS 39 as issued by IASB,
and AS30 as issued by ICAI.
Currently, we report our financials under Indian GAAP and also report a reconciliation of shareholders’ equity
and net profit under Indian GAAP to US GAAP. We are in the process of migrating our consolidated financial
statements to the IFRS converged Indian Accounting Standards as per the roadmap announced by MCA.
67
Annual Report 2009-2010
khayaal aapka