« Top Headlines » Open DEMAT Account in 24 hrs  Mock Test Papers Series - I & II for Students appearing in CA Foundation January 2027 Examination.  Income Tax Rules 2026: CBDT Introduces Revised Form 161 for Penalty Waiver, Clarifies Misreporting Categories and Taxpayer Relief  ITR Filing and Income Tax Audit Deadline Extended: 5 Critical Things Taxpayers Must Know  Filing Belated ITR for AY 2026-27? Know Which Losses You Can Carry Forward and Which You May Lose  CBDT Extends Tax Audit Report Deadline to October 21, ITR Filing Last Date to November 21 for AY 2026-27  CBDT Extends AY 2026-27 ITR Filing Deadline for Tax-Audit Cases: New Dates and Key Compliance Details  Foreign Assets Missing From Your ITR? Income Tax Department Opens One-Time Disclosure Window  Tax Audit Deadline September 30: Why AIS, TDS and GST Figures May Not Match Your ITR and What Taxpayers Should Do  Tax audit deadline September 30: Common mistakes taxpayers should avoid  Your ITR says ‘verified’, but the refund hasn’t arrived? 5 reasons why your money could be stuck  Missed the ITR Deadline but TDS Refund Is Due? Here’s How You Can Still Claim Your Money «  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.