Need Tally
for Clients?

Contact Us! Here

  Tally Auditor

License (Renewal)
  Tally Gold

License Renewal

  Tally Silver

License Renewal
  Tally Silver

New Licence
  Tally Gold

New Licence
 
Tally On Cloud Tally on Cloud: Ready for the Daily Backup Requirement
Keep your Tally books accessible from anywhere while supporting your Rule 46(8) obligations. With daily backups configured on servers physically located in India, Tally on Cloud helps you maintain the backup arrangement required for electronic books of account under the Income-tax Rules, 2026. Move your Tally to the cloud with confidence.
Open DEMAT Account with in 24 Hrs and start investing now!
« Top Headlines »
Open DEMAT Account in 24 hrs
 Mock Test Papers Series - I & II for Students appearing in CA Foundation January 2027 Examination.
 Income Tax Rules 2026: CBDT Introduces Revised Form 161 for Penalty Waiver, Clarifies Misreporting Categories and Taxpayer Relief
 ITR Filing and Income Tax Audit Deadline Extended: 5 Critical Things Taxpayers Must Know
 Filing Belated ITR for AY 2026-27? Know Which Losses You Can Carry Forward and Which You May Lose
 CBDT Extends Tax Audit Report Deadline to October 21, ITR Filing Last Date to November 21 for AY 2026-27
 CBDT Extends AY 2026-27 ITR Filing Deadline for Tax-Audit Cases: New Dates and Key Compliance Details
 Foreign Assets Missing From Your ITR? Income Tax Department Opens One-Time Disclosure Window
 Tax Audit Deadline September 30: Why AIS, TDS and GST Figures May Not Match Your ITR and What Taxpayers Should Do
 Tax audit deadline September 30: Common mistakes taxpayers should avoid
 Your ITR says ‘verified’, but the refund hasn’t arrived? 5 reasons why your money could be stuck
 Missed the ITR Deadline but TDS Refund Is Due? Here’s How You Can Still Claim Your Money

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 2026 CAinINDIA All Right Reserved.
Designed and Developed by Ritz Consulting