Rules for Banks’ Financial Statements Approved
Economy, Business And Markets

Rules for Banks’ Financial Statements Approved

The Central Bank of Iran, Ministry of Economic Affairs and Finance, and Iran Audit Organization Tuesday agreed on the new framework for banks’ financial statements and their audit by regulatory bodies.  
Abbas Kamarei, director of CBI’s department for supervising banks and credit institutions, said all banks are obliged to send their [annual] financial statements along with the independent audits to the CBI by August 19, the CBI website reported.
Banks’ financial statements are supposed to be prepared in line with the CBI’s new framework which was notified to the lenders earlier in February. The bank sent a new set of balance sheet templates to the banks to improve their financial transparency and international operations. The new templates are developed based on International Financial Reporting Standards (IFSB) and in accordance with ‘usury-free banking’ regulations.
As part of the new provision, financial statements should also be reviewed by the independent auditors certified by the Association of Chartered Accountants. The CBI has been trying to promote the services of independent certified accountants to enhance transparency in the banking industry that has often come under criticism for poor oversight and dubious lending practices.
Kamarei stressed that the new framework for financial statements should also be approved by the board of directors of banks.



Short URL : http://goo.gl/S92cu1
  1. http://goo.gl/2euVur
  • http://goo.gl/bSIlSl
  • http://goo.gl/EfPQlT
  • http://goo.gl/Gfz8HS
  • http://goo.gl/NWUzYE

You can also read ...

Iran Missing Advantages of Foreign Banks’ Presence
Tehran Chamber of Commerce, Industries, Mines and Agriculture...
Oman Eyes Iran Market Amid Rising Imports
Ithraa, Oman’s inward investment and export promotion agency,...
Luxgen’s S3 is a 5-seater subcompact sedan equipped with a 1.6-liter, 116 hp gasoline engine.
Local company Arman Motor Kavir is set to unveil two imported...
Iran Exim Bank Tapping NDFI Resources
Export Development Bank of Iran–the country's exim bank–is to...
Transport MoU With South Korea
Iran and South Korea have signed a memorandum of understanding...
Billet and bloom shipments made up the bulk of exports, reaching 1.78 million tons, up 28% year-on-year.
Iran’s semi-finished steel exports during the first seven...
Local producers have often called  on the government to increase import tariffs on tires.
In order to “protect domestic production”, the Industries...
IRIB Mulls Issuing Bonds
The Islamic Republic of Iran Broadcasting is considering...