Latest Expert Exchange Queries
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: due date for vat payment :: empanelment :: ARTICLES ON INPUT TAX CREDIT IN VAT :: cpt :: form 3cd :: list of goods taxed at 4% :: ACCOUNTING STANDARDS :: articles on VAT and GST in India :: ACCOUNTING STANDARD :: TAX RATES - GOODS TAXABLE @ 4% :: Central Excise rule to resale the machines to a new company :: TDS :: VAT Audit :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: VAT RATES
 
 
News Headlines »
 Haryana extends last date for payment of property tax, to March 31, 2017
 Who can file tax returns under presumptive taxation scheme
 Income tax dept notifies amendments for sharing taxpayer information
 Seven things you must do before 31st March
 Income Tax saving investments: Top 5 options available for high-income individuals
 How to use zero tax rule on long term capital gains on stocks
 GST Returns - Furnishing details of inward supplies
 5 ways to maximise you income tax return
 Income-tax (2nd Amendment) Rules, 2017
 Soon, Faster PAN, An App For Filing Tax Returns
 Changes in income tax return filing process

ICAI asks companies to report losses in derivatives
April, 01st 2008

The country's apex accounting body Indian Chartered Accountants of India (ICAI) has asked companies to report losses in foreign currency derivatives for the current fiscal that ends on Monday and the practice must continue.

"With new accounting norms in place, the real quantum of losses of the corporate sector in derivatives will now be found out in a transparent manner," ICAI President Ved Jain said.

The decision in this regard was taken by the ICAI in its meeting on Saturday.

It has also asked its members to consider appropriate "disclosures in their reports" if they are not made by the companies in balance sheets.

Initially, the norms to disclose losses in derivatives would be recommendatory from April 1, 2009 and would become mandatory from April 1, 2011, he said.

ICAI had earlier issued an Accounting Standard, AS 30-Financial Instruments, spelling out method for accounting for derivatives.

It said these (derivatives) exposures may translate into heavy losses due to fluctuations in the foreign exchange rates. However, most companies are reluctant to disclose their exposure and possible losses.

Some companies such as L&T and Amtek Auto have informed the stock exchanges about the losses they have suffered due to positions in commodity or currency derivatives.

The institute said if the companies were following AS 30 standards, they could disclose the losses in the financial statement, otherwise they could be disclosed separately.

 
 
Home | About Us | Terms and Conditions | Contact Us
Copyright 2017 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Multi-level Marketing MLM India Affiliate Marketing Affiliate Marketing Software MLM Software MLM Solutions Multi level marketing solutions MLM Servi

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