On recommendation from the Accounting Standards Board (ASB), the Institute of Chartered Accountants of Nepal (ICAN) in its Council
meeting held on 13 September 2013 decided to announce the roadmap for implementation of Nepal Financial Reporting Standards (NFRS) including its interpretations. As per the said announcement, Commercial Banks, including State Owned Commercial Banks (Class ‘A’) are required to fully implement NFRS from 2015/16.
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.
