« Top Headlines » Open DEMAT Account in 24 hrs  ITR filing deadline extension now demanded by this Tax Bar Association due to many issues including technical glitches with ITR portal  GST Rule Changes for FY 2025 26  Income tax return filing 2025: Five ITR mistakes that can trigger an income tax notice in 2025  ITR filing What is updated income tax return and ITR U Who can file & what you can t change - top points to know  Shifted to new tax regime? Here are 5 investments you shouldn't drop  Auditing and Assurance Standards Board Expert Panel for addressing queries related to Statutory Audit pertaining to auditing aspects. «  FM to discuss targets at bankers’ meet... I-T may not see raid on jewellery... » ICAI working on standards for derivatives July, 13th 2006 The Institute of Chartered Accountants of India (ICAI) is in the final stage of formulating the accounting standard for financial instruments in India.    T N Manoharan, president, ICAI said that the draft of the accounting standard will be released by September for consultation with different stake holders.    Manoharan said, "The draft will be released by September for consultation. It will be finalised within this December. The accounting standard for financial instrument will also include derivative products."    ICAI was taking into consideration views of the Reserve Bank of India (RBI) while finalising the accounting standard, he added.    Meanwhile, ICAI has also initiated its work for framing accounting standard in agricultural income.    "We have just started working on the accounting standard in agricultural income. It is in an initial stage," he added.    On the other hand, ICAI is in final stage of submitting the road map for implementing 'accrual system of accounting' in government accounts.    "Government of India adopts 'cash system of accounting' which is based on actually receipts and payment. We are in the process of formulating the road map for implement 'accrual based system of accounting," said Manoharan. The work is done by ICAI in a sub-committee under Government Accounting Standards Advisory Board (GASAB).    "We have had two meetings with GASAB. The road map will be prepared by this month end," he confirmed.