« Top Headlines » Open DEMAT Account in 24 hrs  Income Tax Calculator FY 2023-24: How To Know Your Tax Liability Online On IT Dept's Portal?  BackBack Income Tax Act amendment on cards on tax treatment of MSME dues  ITR-1, ITR-2, ITR-4 forms for FY 2023-24 available for e-filing. Check details here  Income tax slabs FY 2024-25: Experts share these 8 benefits for taxpayers in new income tax regime  How To File ITR Online - Step by Step Guide to Efile Income Tax Return, FY 2023-24 (AY 2024-25)  Old or new tax regime for TDS on salary? This post-election 2024 event will impact your tax planning  What Are 5 Heads Of Income Tax?  Income Tax Dept releases interim action plan for FY25 on tax collection, refund approvals   Income Tax Return: 5 lesser-known tax-saving tips from Section 80  Income Tax Return: 5 lesser-known tax-saving tips from Section 80  Why you need not rush to file your ITR immediately «  Govt may put curbs on FDI in financial space... Finmin, MCA differ on taxation policy for LLPs... » SBI urges ICAI to defer accounting code August, 18th 2006 State Bank of India has suggested deferment in the application of the revised accounting standard on employee benefits in the wake of its impact on its balance sheet. The revised accounting standard on employee benefits (AS-15) is mandatory on certain large enterprises such as SBI and has come into force from the accounting period beginning April 1, 2006. Revised AS-15 The Institute of Chartered Accountants of India (ICAI) President, Mr T.N. Manoharan, confirmed the receipt of a letter from SBI, which, he said, has suggested that the institute may consider deferment of application of revised AS-15 in view of its impact on its balance sheet. "They (SBI) are having transitional problems. The ICAI is seized of the matter. As the central council had approved the revised AS-15, it would have to again consider the matter on account of SBI's request. We propose to examine the issue in the next council meeting on September 6-8," Mr Manoharan told Business Line. Transitional Problems He maintained that the revised AS-15 was in line with the internationally recognised accounting standards on employee benefits. Accountancy experts said that many enterprises would face transitional problems to the new standard as in most cases it would result in higher provisions for retirement and other employee benefits. Informed sources said that SBI appears to be concerned over the transitional provisions in the revised AS-15 as it requires the additional liability arising from the implementation of the revised accounting standard on employee benefits to be adjusted against the reserves of the bank. Stringent Requirements The revised AS-15 has stringent requirements concerning measurement of employee benefits costs. It has also specified the projected unit credit method as the only single actuarial method of valuation that would be recognised. Moreover, the revised AS-15 has also stipulated that the discount rate to discount benefit obligations should be consistent with market yields of Government bonds.