EghtesadOnline: In the Iranian banking world, the IFRS fever has been running high in the past few months.
EghtesadOnline: Minister of Economic Affairs and Finance Masoud Karbasian and Governor of the Central Bank of Iran Valiollah Seif have jointly signed a directive regarding bank balance sheets that could finally end a two-year dispute between the CBI and Audit Organization of Iran over who gets to set financial reporting standards for lenders.
EghtesadOnline: Bank Melli Iran, the nation’s biggest bank, has made significant headways in conforming to International Financial Reporting Standards, its chief executive said.
EghtesadOnline: The latest directive issued by the Central Bank of Iran obligating the conformity of banks to the International Financial Reporting Standards will not hinder lenders from holding annual general meetings and does not comprise meddling in the work of auditors, CBI's deputy for supervision said.
EghtesadOnline: In order to protect the interests of banks and credit institutions' depositors and shareholders, and maintain the stability and health of banking system, the Central Bank of Iran has set a number of conditions vis-à-vis banks' financial statements whose fulfillment is necessary for shareholders' annual meetings to become viable.
EghtesadOnline: Due to the importance of conforming banks' balance sheets to International Financial Reporting Standards and establishing risk management departments, the second and final day of the 27th annual Conference on Monetary and Foreign Exchange Policies in Tehran focused on these two issues.
EghtesadOnline: Iranian banks’ progress in adapting to their financial statements with the new model set by the Central Bank of Iran was around 20-30% during the previous Iranian year (ended March 20), said a private bank’s board member.
EghtesadOnline: Iranian banks managed to present their balance sheets for the last Iranian year (ended March 20, 2017) in line with the International Financial Reporting Standards, said the secretary-general of the Private Banks and Credit Institutions Association.
EghtesadOnline: The Central Bank of Iran hosted a meeting to analyze obstacles to the implementation of the International Financial Reporting Standards.
EghtesadOnline: For International Financial Reporting Standards to truly take hold in Iran, they must be accorded significance on the national scale, the governor of the Central Bank of Iran said.