Latest Expert Exchange Queries

Make your inventory and invoicing software GST Ready from Binarysoft info@binarysoft.com
sitemapHome | Registration | Job Portal for CA's | Expert Exchange | Currency Converter | Post Matrimonial Ads | Post Property Ads
 
 
News shortcuts: From the Courts | News Headlines | VAT (Value Added Tax) | Service Tax | Sales Tax | Placements & Empanelment | Various Acts & Rules | Latest Circulars | New Forms | Forex | Auditing | Direct Tax | Customs and Excise | ICAI | Corporate Law | Markets | Students | General | Indirect Tax | Mergers and Acquisitions | Continuing Prof. Edu. | Budget Extravaganza | Transfer Pricing
 
 
 
 
Popular Search: articles on VAT and GST in India :: Central Excise rule to resale the machines to a new company :: cpt :: list of goods taxed at 4% :: form 3cd :: TDS :: ACCOUNTING STANDARD :: VAT Audit :: ARTICLES ON INPUT TAX CREDIT IN VAT :: ACCOUNTING STANDARDS :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: empanelment :: VAT RATES :: due date for vat payment :: TAX RATES - GOODS TAXABLE @ 4%
 
 
« News Headlines »
 Income-tax (21st Amendment) Rules, 2017
 Deadline for filing income tax return nears; here are 10 common mistakes that you must avoid
 All you need to know about form 26AS
 How to file income tax return?
 7 changes that affect income tax return filing this year
 How To File Income Tax Return (ITR) Online For FY2016-17? Last Date July 31
 Last date for filing income tax return approaches: What is Form 26AS? How it can help you claim refunds
 Income Tax department to launch mobile app to make life easy for taxpayers
 6 things to remember while filing your income tax return
 Want to save on tax? Here are deductions you can use while filing ITR
 July 31 Is Last Date For Filing Tax Return. Why Form 26AS Has To Be Checked

ICAI to advise firms to disclose derivative losses
March, 19th 2008
Over three months after it first came out with a new accounting standard requiring companies to provide for all kinds of losses including those from derivative trading, the Indian accounting regulator intends to encourage companies to conform to the norm.
 
The issue has come to the forefront following a number of Indian companies revealing that they could take a financial hit on bets placed on currencies and commodities.
 
Last December, the Institute of Chartered Accountants of India (ICAI) had come up with a detailed accounting standard AS30 to establish principles for recognising and measuring financial assets and liabilities and some contracts to buy or sell non-financial items.
 
It is not yet mandatory for companies to follow this standard, and ICAI President Ved Jain informed that the regulator did not plan to make it mandatory in the near future. We do, however, intend to encourage companies to conform to AS30, he added.
 
Sources added that ICAI intends to push Indian companies to provide for such losses as a matter of prudential accounting.
 
Last week, Finance Minister P Chidambaram had told Parliament that the exposure of banks operating in India to derivatives grew near 300 per cent over two years to gross Rs 127.86 lakh crore by last December.
 
Indian companies listed on overseas stock exchanges have to disclose any losses on account of derivative trading, as mandated by the International Accounting Standard-39.
 
 
Home | About Us | Terms and Conditions | Contact Us
Copyright 2017 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Software Reengineering Software Re-engineering Software Reverse Engineering Software Reverse Development Software Change Modulation Software Conversion Software Re-creation Software Re-development

Transfer Pricing | International Taxation | Business Consulting | Corporate Compliance and Consulting | Assurance and Risk Advisory | Indirect Taxes | Direct Taxes | Transaction Advisory | Regular Compliance and Reporting | Tax Assessments | International Taxation Advisory | Capital Structuring | Withholding tax advisory | Expatriate Tax Reporting | Litigation | Badges | Club Badges | Seals | Military Insignias | Emblems | Family Crest | Software Development India | Software Development Company | SEO Company | Web Application Development | MLM Software | MLM Solutions