« Top Headlines » Open DEMAT Account in 24 hrs  How to Change Current Period in Tally Prime Step-by-Step Guide for Users  Global Payroll Management with Tally Prime: How International Businesses Use It Beyond India  How to Manage B2B HSN Codes in Tally Prime: A Complete Guide for Businesses  How to Check Business Revenue in Tally Prime: A Complete Step-by-Step Guide  MSME Payment Rule in Tally Prime: Understanding the Law and Its Impact on Businesses in 2025 The MSME (Micro, Small and Medium Enterprises) Payment Rule is a legal framework introduced under th  Multipurpose Empanelment Form (MEF) 2025 26 Meaning, Purpose, and How to Manage It in Tally Prime  GST Appellate Tribunal (GSTAT) Structure, Powers, and Its Relevance in Tally Prime Implementation  How Tally Prime Supports the Real Estate & Construction Industry in India  Comparison Between Tally Prime 6.1 and Tally Prime 6.2  How Tally Prime Renewal Helps Save My Data  Where to Buy Tally Prime 7.0 at the Best Rates Possible «  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.