Economy, Business And Markets

Task Force to Resolve Bank Balance Sheet Row

The row over how lenders should prepare their financial statements has been brewing ever since CBI sought to reform balance sheets before the implementation of the nuclear deal in January 2016 based on the International Financial Reporting Standards
CBI insists that banks continue to adhere with IFRS strictures.CBI insists that banks continue to adhere with IFRS strictures.

A quartet of major regulatory bodies will form a task force to resolve the controversy surrounding banks' financial statements, secretary of the Association of Private Banks and Credit Institutions announced on Saturday. 
Mohammad Reza Jamshidi added that the task force will comprise representatives of the Security and Exchange Organization, Audit Organization of Iran, the Central Bank of Iran and the Iranian National Tax Administration as well as banks, IBENA reported. 
"Representatives from these bodies will form a task force and discuss how to approach banks' financial statements according to standards set by these entities so that problems surrounding these statements are resolved," he said. 
Jamshidi made the announcement after a yearend meeting of banks' chief executives to discuss the urgent issues facing the Iranian banking system that bears the lion's share of the country's financing burden.   


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