« Top Headlines » Open DEMAT Account in 24 hrs  New Income Tax Act: ITR forms to be issued prior to FY28, says govt  GSTR-9C Explained: Turnover Limit, Due Date, Statement Format & How to Prepare It in Tally Prime (2025 Update)  Will Income Tax Department release new ITR forms by January 2026? Finance Ministry says this  The Government of India has strengthened MSME protection through strict payment rules, ensuring that Micro & Small Enterprises receive timely payments from buyers. Under the MSME Development Act (MSMED Act), 2006, buyers must make payments within:  ITR Refund Delays in India: Why They Happen & How to FastTrack Your Refund in 2025  ITR Refund Delay: From Bank Errors To Department Checks, 5 Big Reasons Your Refund Gets Stuck  Income Tax Slabs 2025: New Vs Old Regime; Which One Is Better For You For FY2025-26?  Seamless Integration: How Tally Prime Connects Businesses to the Digital Economy  Govt to notify new ITR forms, Income Tax Act 2025 rules by January 2026: CBDT chief  Digital Efficiency for MSMEs: The Tally Prime Advantage  5 Ways Tally Prime Reduces Cost and Boosts Productivity for Startups «  Investing in PPF? Take right steps... Chartered accountants bag BPO jobs... » New ICAI norms for financial instruments soon July, 08th 2006 The Institute of Chartered Accountants of India (ICAI) is in the final stage of formulating the accounting standard for financial instruments in India.    ICAI President T N Manoharan said the draft of the accounting standard would be released by September for consultation with different stakeholders.    The draft will be released by September for consultation. It will be finalised within December. The accounting standard for financial instruments will also include derivative products, Manoharan said.    ICAI was taking into consideration views of the Reserve Bank of India while finalising the accounting standard, he added.    Meanwhile, the institute has also initiated its work for framing the accounting standard in agricultural income. We have just started working on the accounting standard in agricultural income. It is in the initial stage, Manoharan said.    On the other hand, ICAI is in the final stage of submitting the roadmap for implementing accrual system of accounting in government accounts.    ICAI President further said, Government of India adopts cash system of accounting which is based on actual receipts and payments. We are in the process of formulating the roadmap for implementing accrual-based system of accounting.    The work is being carried out by ICAI in a sub-committee under Government Accounting Standards Advisory Board (GASAB).    We have had two meetings with GASAB. The roadmap will be prepared by this month-end, he said.    ICAI has also been assigned to prepare performance model for the ministry of human resource development, for its two major projects Sarva Siksha Abhiyan and mid-day meal scheme.    ICAI is preparing performance model to ensure optimal usage of funds. The basic model can be adopted for other welfare project of HRD ministry, Manoharan said.    At the same time, the committee of internal audit of ICAI is working on formulating a standard for internal audits.    Currently, internal audit can be done by anyone. We are in the process of framing a standard for internal audit. ICAI is also working to formulate a standard for system audits, he said.    Manoharan also informed that the Central Board of Direct Taxes would now be discussing with ICAI before publishing any forms or circulars.