The Institute of Chartered Accountants of Nepal (ICAN) has announced the implementation of NFRS in Commercial Banks from fiscal year 2016/17. However, Nepal Rastra Bank has issued its directive to microfinance conducting wholesale transactions to prepare their financial statements of 2020/21 based on NFRS. NFRS is principle based a high quality standard which is divergent to local GAAP.
In consideration to the directives issued by Nepal Rastra Bank (NRB), Commercial banks are required to prepare their financial statements of 2017/18 , and going forward, based on NFRS. The NFRS is principle based- a high quality standard which is divergent to local GAAP and it is designed to apply to the general purpose financial statements.
The present age of business is extremely competitive and the only tool for survival is adaptability which comes through constant change. Vested deeply in leadership styles, culture and communication, successful change is vital and yet hard to describe. The role of human resource as an active partner, focusing on the com-pany's vision and ensuring open communication channels is fundamental for change in the organization. Change in any organization may be a result of a combination of elements; social, cultural, economic and/or environmental.
As the size and complexity of financial institutions have increased, so too have the challenges of understanding and reducing operational risks down to truly manageable levels. Increased regulatory concern and scrutiny have also increased the cost of operational risk events in the shape of outright financial loss, regulatory fines and declining customer confidence.
