« Top Headlines » Open DEMAT Account in 24 hrs  Delhi HC Rules GST Registration Cannot Be Cancelled Retrospectively Without a Clear Show Cause Notice (SCN)  Belated income tax return AY 2026-27: How to file, late filing charges and what you may lose  Major Financial Changes from August 1, 2026: ITR Deadline, RBI MPC Meeting, Tatkal Ticket Rules & More  Government proposes to ease tax relief conditions for offshore funds  TallyPrime Connected Banking: Automating Banking and Accounting  ITR Filing Deadline 2026: Is July 31 the Last Date to File Your Income Tax Return? Latest Official Update  ITR filing deadline nears: How to file income tax return online on e-filing portal - quick 15-step guide  Will the ITR Filing Deadline Be Extended Beyond July 31 for FY 2025-26? Here's the Latest Update for Taxpayers  Income Tax Refund Delayed for AY 2026-27? 5 Common Reasons Your Refund May Be Stuck and How to Fix It  ITR Filing 2026: FM Nirmala Sitharaman Asks Tax Officials to Let Honest Taxpayers Correct Genuine Mistakes  Will Your FCNR Deposit Stay Tax-Free After Returning to India? Tax Rules Explained for NRIs «  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.