Technical committee to review presentation of accounts
GK NEWS NETWORK
New Delhi, Nov 30: The Reserve Bank of India (RBI) has constituted a Technical Committee to review the form of presentation of its Balance Sheet and Profit and Loss Account.
The Committee will also review the style and content of the management commentaries on financial statements and notes to the accounts, and make recommendations to effect changes, if necessary, by appropriate legislative/regulatory modifications, a central bank handout Thursday said.
Giving details it said several changes have been brought about over the years in the presentation and the explanatory notes to RBI accounts with a view to improving the disclosure, transparency and information content.
“The existing format of the Balance Sheet and Profit and Loss Account is being reviewed in order to keep pace with the changing times and meet the market expectations for bringing in more clarity and lucidity for the wider readership, while aligning with the best international practices,” it said.
The terms of reference, in brief, of the Committee are: Whether the existing presentation of two separate Balance Sheets of Issue and Banking Departments needs to be merged into a single Balance Sheet of the RBI.
Whether it is necessary to have separate Profit and Loss Accounts for the Issue and Banking Departments or whether the present form of a combined Profit and Loss Account will continue.
Whether the disclosures presently made in the Balance Sheet and Profit and Loss Account and the notes to accounts are adequate or can be elaborated/ improved.
The Committee will comprise Y. H. Malegam, Director on the Central Board of the RBI as Chairman. Indira Rajaraman, Director on the Central Board of the RBI, B. Mahapatra, Executive Director, RBI, P. R. Ramesh, Chairman, Deloitte Haskins and Sells, and V. Venkataramanan, Partner, KPMG, are the other Members.
S. Ganeshkumar, Chief General Manager, Department of Government and Bank Accounts, RBI is the Member-Secretary.
Meanwhile, the statement said the comments/views of all interested stakeholders on the terms of reference of the committee can be e-mailed by January 10, 2013.
Lastupdate on : Fri, 30 Nov 2012 21:30:00 Makkah time
Lastupdate on : Fri, 30 Nov 2012 18:30:00 GMT
Lastupdate on : Sat, 1 Dec 2012 00:00:00 IST
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