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ICAI-GN on Bank Audit (Revised 2013) - 2nd mail

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  • Mukesh Saran
    *Next in the series on ICAI-GN on Bank audit. * * * *Accounting Standards not applicable to Banks. * Page(I.40) 3.25 Of the twenty eight standards notified
    Message 1 of 1 , Mar 30, 2013
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      Next in the series on ICAI-GN on Bank audit. 

      Accounting Standards not applicable to Banks. 


      3.25 Of the twenty eight standards notified under the Companies (Accounting Standards) Rules, 2006, presently, the following standards are not applicable to banks to the extent specified.

      (a) AS 13, “Accounting for Investments”, does not apply to investments of banks.

      (b) AS 11, “The Effects of Changes in Foreign Exchange Rates”, does not apply to accounting of exchange difference arising on a forward exchange contract entered to hedge the foreign currency risk of a firm commitment or a highly probable forecast transaction. However, it shall apply to exchange differences in respect of all other forward exchange contracts.

      3.26 RBI has issued Circular no. DBOD.No.BP.BC.76/ 21.04.018/2004-05 dated March 15, 2005 and Circular no. DBOD.BP.BC.76/21.04.018/2005-06 dated April 5, 2006, containing the guidelines on compliance with AS 11 (Revised 2003).

      with regards,
      CA. Mukesh Saran
      M.Com.,FCA, DISA(ICAI)

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