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ICAI »
 President's Message - May 2017
 Commencement of the Next Batch of the Certificate Course on Wealth Management and Financial Planning to be commenced on 3rd June, 2017 at Chennai : An initiative of CCBMP, ICAI
 Commencement of the Next Batch of the Certificate Course on Wealth Management and Financial Planning to be commenced on 8th July, 2017 at Kolkata : An initiative of CCBMP, ICAI
 Group to look into the intricacies involvced in areas pertaining to the Disciplinary Mechanism
 Exposure Draft of Amendments to Ind AS 101, First-time Adoption of Indian Accounting Standards
  Requirements for passing Information Systems Audit (Assessment Test)
  Exposure Draft of Clarifications to Ind AS 115, Revenue from Contracts with Customers
 Exposure Draft of Clarifications to Ind AS 115, Revenue from Contracts with Customers
 Exposure Draft of Clarifications to Ind AS 115, Revenue from Contracts with Customers
 Reconstitution of Group to study the existing norms for the appointments/re-appointments of statutory / internal auditors
 Reconstitution of Group to study and suggest changes in the Guidelines relating to Networking of CA Firms

Announcement regarding Non-application of AS 30, AS 31 and AS 32 in the Final Course Paper 1: Financial Reporting
November, 24th 2015

The entire IAS 39 “Financial Instruments: Recognition and Measurement”, on which AS 30 “Financial Instruments: Recognition and Measurement” was based, has been replaced by IFRS 9 “Financial Instruments”. Therefore, the Government of India opted to notify Ind AS 109 “Financial Instruments” in correspondence to IFRS 9 and not IAS 39. Also, AS 30, AS 31 and AS 32 on ‘Financial Instruments’ were earlier proposed to be made mandatory for Level I entities only. However, after notification of Ind AS in February, 2015, these entities will be applying the provisions stated in Ind AS 32, Ind AS 107 and Ind AS 109 and not AS 30, AS 31 and AS 32 for accounting of financial instruments. Therefore, it is felt appropriate to make applicable Ind AS 32, Ind AS 107 and Ind AS 109 in place of AS 30, AS 31 and AS 32 to the topic ‘Accounting for Financial Instruments’.



Accordingly, it has been decided to make Ind AS 32 “Financial Instruments: Presentation”, Ind AS 107 “Financial Instruments: Disclosures” and Ind AS 109 “Financial Instruments” applicable on the topic ‘Accounting for Financial Instruments’ instead of AS 30 “Financial Instruments: Recognition and Measurement”, AS 31 “Financial Instruments: Presentation” and AS 32 “Financial Instruments: Disclosures” from May, 2016 examinations for Paper 1 : Financial Reporting at the Final level.



Further, it may also be noted that existing Accounting Standards as already given in the study material will continue to be part of the syllabus alongwith the topic “Introduction of Indian Accounting Standards (Ind AS); Comparative study of ASs vis-a-vis Ind ASs; Carve outs/ins in Ind ASs vis- à-vis International Financial Reporting Standards (IFRSs)”, which has been recently included in the syllabus from May, 2016 examination and onward. Thus for the remaining topics of the syllabus of Financial Reporting paper, existing Accounting Standards will still be applicable.

 
 
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