As required by United States securities regulations, ICICI Bank Limited (NYSE: IBN) filed its annual report in Form 20-F for the year ended March 31, 2010 (FY2010), on September 29, 2010. The Form 20-F annual report includes the Bank’s consolidated financial statements under Indian GAAP and a reconciliation of consolidated Indian GAAP profit after tax and networth to US GAAP net income and stockholders’ equity.
Copies of the Form 20-F are available from the United States Securities and Exchange Commission (SEC) website
or via a direct link to the SEC website at "About Us/Investor Relations/SEC Filings" page of ICICI Bank's website (
Shareholders may obtain a copy of the complete audited financial statements free of charge by writing to Mr. Sandeep Batra, Group Compliance Officer & Company Secretary, ICICI Bank Limited, ICICI Bank Towers, Bandra Kurla Complex, Mumbai 400051 or sending an e-mail to
, with details of their shareholding and mailing address.
Pursuant to its issuance and listing of securities in the United States under registration statements filed with the SEC, ICICI Bank files annual reports in Form 20-F with the SEC as required by US securities laws and regulations. These regulations require that this annual report include financial statements prepared according to a comprehensive body of accounting principles with reconciliation to generally accepted accounting principles in the United States (US GAAP). When ICICI Bank first listed its securities in the United States in 2000, generally accepted accounting principles in India (Indian GAAP) were not considered a comprehensive body of accounting principles under US laws and regulations. Accordingly, ICICI Bank had included US GAAP financial statements in its annual reports in Form 20-F till fiscal year ended March 31, 2005. However, pursuant to a significant expansion of Indian accounting standards, Indian GAAP constitutes a comprehensive body of accounting standards. Accordingly, from fiscal year ended March 31, 2006 onwards ICICI Bank includes in its annual report in Form 20-F, consolidated financial statements according to Indian GAAP, with a reconciliation of profit after tax and networth to net income and stockholders' equity under US GAAP and a description of significant differences between Indian GAAP and US GAAP.
It may be noted that there are significant differences in the basis of accounting between US GAAP and Indian GAAP primarily relating to determination of allowance for loan losses, amortization of fees and origination costs, accounting for securities and derivatives, accounting for securitizations, accounting for business combinations, compensation cost and consolidation.
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