Economics · Accounting Standards
Consider the following statements regarding the implementation of Indian Accounting Standards (Ind AS) for the banking sector in India: Statement I: While full Ind AS implementation is deferred for commercial banks, banks have been required to submit proforma financial statements and disclose the impact of the Expected Credit Loss (ECL) model as per RBI guidelines. Statement II: Ind AS is fully mandatory for all Scheduled Commercial Banks (excluding RRBs) for the preparation of their primary financial statements for the fiscal year 2025-2026. Statement III: The implementation of Ind AS 109 requires banks to transition from the traditional 'Incurred Loss' model for provisioning to a forward-looking model. Which of the statements given above are correct?
Verified Solution4 OptionsUpdated: October 2026👁️1 View
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- 1I, II and III
- 2Only II and III
- 3Only I and III✓
- 4Only I
Correct answer
Only I and III
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