« 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 «  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.