DBOD.No. BP.BC.42/21.04.018/98
May 19, 1998
Vaishakha 29, 1920 (Saka)
All Commercial Banks
(excluding Regional Rural
Banks)
Dear Sir,
Accounting
standard 11 (revised)
Please refer to our Circular
DBOD. No. BP.BC. 68/21.04.018/96 dated June 5, 1996 regarding the
applicability of AS 11 (Revised) for (i) revaluing foreign currency assets
and liabilities and revenue items and booking of foreign exchange
transactions done in India and (ii) for the purpose of translation of assets
and liabilities of foreign branches of Indian banks. We advise that the issue
of applicability of AS 11 (Revised) to banks is still under examination. With
a view to avoiding delay in the finalisation of balance sheets of banks for
the financial year ended 31 March, 1998, banks are advised to follow the
guidelines prescribed in the above mentioned Circular dated June 5, 1996 for
the Accounting Year 1997-98 also.
Yours faithfully,
(C.R. Muralidharan)
General Manager