Nepal Financial Reporting Standards ('NFRS') are designed as a common global language for business affairs so that company accounts are understandable and comparable within Nepal. The rules to be followed by accountants to maintain books of accounts which is comparable, understandable, reliable and relevant as per the users internal or external.
NFRS was issued by Nepal Accounting Standard Board in 2013. Earlier it has issued Nepal Accounting Standards. NFRS is prepared in line with on IFRS.
To facilitate convergence process, it is expected that BFIs concurrently initiate appropriate measures to upgrade their skills, Management Information System (MIS) and Information Technology (IT) capabilities to manage the complexities and challenges of NFRSs. One of the important measures is to provide training to concerned staff of bank to upgrade their skill on NFRS requirement for smooth transition and effective implementation.