RBI has always believed in the fact that accounting standards and the integrity of its implementation has a very important role to play in the financial system as reflected in the Report of the Committee on Financial Sector Assessment, wherein the importance of the convergence process of Indian accounting standards with IFRSs has been emphasized.
RBI has set up a Working Group to address Implementation Issues in IFRS for non-disruptive migration of the Indian banking system with members from ICAI, IBA and the regulatory and supervisory departments of RBI. Conclusion Training, education and skill development is one of the cornerstones of a successful IFRS implementation.