Commercial Banks delay in Q4 report due to NFRS; Rastra Bank provides extended time for preparation of financial statements

Generally, the commercial banks would be the first among the financial institutions to publish their financial reports. But this time, the commercial banks have not yet published their Q4 report yet.

The main reason for the delay is because the banks need to prepare their financial reports as per the provisions of the Nepal Financial Reporting Standards (NFRS).

Previously, the banks had to publish their financial reports within 15 days of the expiry of the fiscal year. But due to the difficulty in maintaining the report as per the NFRS, the banks had asked Nepal Rastra Bank to provide them with extended time for preparation of the financial reports.

After that, the central bank has extended time for the commercial banks and have provided the banks with 16 days more than the previous time.

The only two commercial banks that have published their Q4 report i.e. Nepal Bank Limited and Citizens Bank International Limited had published their financial reports based on the previous format. When questioned by the Rastra Bank, the banks had replied that the financial reports were prepared on the earlier format due to the issue of their respective FPO. They will again prepare their financial report as per NFRS.

The banks will have to include the details of the branches and present the major financial highlights in their financial reports.