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Meeting to Discuss on NFRS 3 and NFRS 9 Implementation

Nepal Bankers’ Association (NBA) organized a meeting to discuss on implementation of NFRS 3 and NFRS 9. The meeting was hosted to gain better insight into the implementation and understand the current position of banks with regards to NFRS 9, and the easing out the bargain purchase gain matter related to NFRS 3. Officials from Nepal Rastra Bank, Accounting Standard Board (ASB), Institute of Chartered Accountants Nepal (ICAN) and member CEOs participated in the program.

Mr. Manish Raj Upreti, FCA, Board Member, ASB made a presentation on NFRS 9 and detailed tasks/preparation required to implement NFRS 9 including the roles and responsibility of various stakeholders. Mr. Arun Raut, FCA, Board Member, ASB presented on NFRS 3 and way forward to ensure the level of understanding on the subject matter is same across all level. Mr. Anil Kumar Upadhaya, President, appreciated the eagerness and supportiveness shown by NRB, ASB and ICAN on the subject matter and added that banking sector is keen to proceed with NFRS 9 implementation but due to several factors, additional time would be required for it. Likewise, on NFRS 3 he requested all the stakeholders to provide a clear Guidance so that there is no further dispute or confusion on it.