A glimpse of what is to come is evident in the Circular of February 9, 2011 in which the RBI states that consequent upon the introduction of International Financial Reporting Standards (IFRS) from April 1, 2013 (though this date is yet to be formalised) for the banking industry as scheduled, the opening balance of reserves of banks will be reduced to the extent of the unamortised carry forward expenditure.....
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