« 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 «  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.