Economics
CBI letter to banks and insurance transition from the standard accounting system to IFRS
According to the CBI letter to banks and insurance companies, issued on Jan. 4, related with “The transition from the standard accounting system to IFRS for banks and insurance companies”, banks and insurance companies, which are capable to prepare their financial statements according to IFRS, should present their 2015 financial results according to IFRS. For the end of 2016, banks and insurance companies have to publish their financial results according to IFRS, and no any other format will be accepted. The CBI, the Board of Supreme Auditors and the Accountants Association will work together in improving the stakeholders’ knowledge and awareness. Training courses will be delivered to the CFO of banks and thus only those certified accountants, who will pass those courses, will be assigned as CFO for the banks.
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