Economy, Business And Markets

Banks to Present IFRS-Based Balance Sheets by June

Banks to Present IFRS-Based Balance Sheets by JuneBanks to Present IFRS-Based Balance Sheets by June

All Iranian banks officially listed in the capital market will devise and present their balance sheets as per the International Financial Reporting Standards, according to the CEO of the state-run Export Development Bank of Iran.
“Because the required infrastructures are in place, it is predicted that the banks’ balance sheets will be devised before the legal deadline of [the Iranian month of] Tir (begins June 22),” Ali Salehabadi was also quoted as saying by the official website of the Monetary and Banking Research Institute.
He made the statements ahead of the Sixth Iran-Europe Banking and Business Forum scheduled for April 28-29 in Tehran, which will have Iranian banks’ compliance with IFRS as one of its main focuses.
“This time the issue will not drag until the final months of the [fiscal] year” in March 2019, Salehabadi said.


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