« Top Headlines » Open DEMAT Account in 24 hrs  New Income Tax Act: ITR forms to be issued prior to FY28, says govt  GSTR-9C Explained: Turnover Limit, Due Date, Statement Format & How to Prepare It in Tally Prime (2025 Update)  Will Income Tax Department release new ITR forms by January 2026? Finance Ministry says this  The Government of India has strengthened MSME protection through strict payment rules, ensuring that Micro & Small Enterprises receive timely payments from buyers. Under the MSME Development Act (MSMED Act), 2006, buyers must make payments within:  ITR Refund Delays in India: Why They Happen & How to FastTrack Your Refund in 2025  ITR Refund Delay: From Bank Errors To Department Checks, 5 Big Reasons Your Refund Gets Stuck  Income Tax Slabs 2025: New Vs Old Regime; Which One Is Better For You For FY2025-26?  Seamless Integration: How Tally Prime Connects Businesses to the Digital Economy  Govt to notify new ITR forms, Income Tax Act 2025 rules by January 2026: CBDT chief  Digital Efficiency for MSMEs: The Tally Prime Advantage  5 Ways Tally Prime Reduces Cost and Boosts Productivity for Startups «  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.