NFRS Implementation in Commercial Banks

NRB Circular dated 2074/08/14 has mandated commercial banks to prepare financial statement in compliance with Nepal Financial Reporting Standard (NFRS) from FY 2074/75.

The NRB circular has allowed bankers to develop two statements and urged that the differences of profit and loss between NFRS compliant financial statements and regular financial statements shall be disclosed clearly.

Status of NFRS implementation and various challenges in implementation have been discussed here.

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