Independent auditors and registered inspectors should send their reports to CBI at least a month before the meeting. Among these, banks and credit institutions should send the final draft of their financial statements to CBI at least one month before the meeting. In particular, CBI has highlighted a number of prerequisites to allow banks and credit institutions to hold their annual general meetings that are usually held in late summer. It is noted that the categorization of assets, incomes and liabilities, in addition to the assessment of dividend shared among shareholders and depositors should be done with utmost care, in line with accounting standards and CBI regulations.
CBI has seriously pursued the complete implementation of IFRS and other international banking requirements such as Basel Accords. The IFRS-based balance sheet templates were first released by CBI in February to improve financial transparency and the international operations of Iranian banks. In other words, CBI has not put any limit on conditional articles but they have to be transparent and explain the details and results. It also deems it necessary for banks and credit institutions' independent auditors to professionally consider only financial statements compatible with CBI's framework and avoid any vague conditional article that is hard to understand for shareholders and users. The directive emphasizes that banks and credit institutions must definitely avoid releasing discrepant financial statements for an accounting period. According to CBI's directive, banks and credit institutions are obliged to present their financial statements and their footnotes, based on the International Financial Reporting Standards, to their board members, independent auditors, registered inspectors and also depositors and shareholders for the 2016-17 fiscal year in line with CBI's updated sample. In order to protect the interests of banks and credit institutions' depositors and shareholders, and maintain the stability and health of banking system, the Central Bank of Iran has set a number of conditions vis-à-vis banks' financial statements whose fulfillment is necessary for shareholders' annual meetings to become viable.
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