« Top Headlines » Open DEMAT Account in 24 hrs  Delhi HC Rules GST Registration Cannot Be Cancelled Retrospectively Without a Clear Show Cause Notice (SCN)  Belated income tax return AY 2026-27: How to file, late filing charges and what you may lose  Major Financial Changes from August 1, 2026: ITR Deadline, RBI MPC Meeting, Tatkal Ticket Rules & More  Government proposes to ease tax relief conditions for offshore funds  TallyPrime Connected Banking: Automating Banking and Accounting  ITR Filing Deadline 2026: Is July 31 the Last Date to File Your Income Tax Return? Latest Official Update  ITR filing deadline nears: How to file income tax return online on e-filing portal - quick 15-step guide  Will the ITR Filing Deadline Be Extended Beyond July 31 for FY 2025-26? Here's the Latest Update for Taxpayers  Income Tax Refund Delayed for AY 2026-27? 5 Common Reasons Your Refund May Be Stuck and How to Fix It  ITR Filing 2026: FM Nirmala Sitharaman Asks Tax Officials to Let Honest Taxpayers Correct Genuine Mistakes  Will Your FCNR Deposit Stay Tax-Free After Returning to India? Tax Rules Explained for NRIs «  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.