Banks may demand more time for meeting the deadline to implement International Financial Reporting Standards (IFRS). Presently the banks are required to meet the deadline by March 2011.

The Indian Banks' Association (IBA) felt that banks faced hurdles while implementing IFRS, particularly in fair value accounting, erosion in value of loans and investments and derivatives and hedge accounting.

A senior IBA official said, "We want clarity on who will issue specific standards, whether it is RBI, ICAI or the Ministry of Corporate Affairs. When Basel-II norms were prescribed, there was much clarity on regulatory and other issues. We require more time beyond March 2011."

The management committee of IBA, however, said that switching to IFRS was necessary. It extensively discussed the proposed schedule.

The IBA emphasized the need of detailed information on the preparedness of banks and ICAI to comply with and guide various aspects of IFRS. After that, the association would submit its recommendations to RBI.