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  Auditing and Assurance Standards Board - Online Panel of Experts for addressing Bank Branch Audit related queries
 Board of Internal Audit and Management Accounting of ICAI is organizing Webinar on "Identifying Red Flags and Report Writing by Internal Auditors" - March 27,
 Revised Applicability of Peer Review Mandate (Phase II & III)
 Important Announcement - Reschedulement of Chartered Accountant Examinations, May 2024
  IMPORTANT ANNOUNCEMENT
 Extension of Last Date for Online Empanelment of Members to act as Observers for May/June 2024 Examinations up to 15th March 2024
 Empanelment of Members to act as Observers at the Examination Centres for the Chartered Accountants Examinations May/June 2024
 Guidance Note on Audit of Banks (2024 Edition)
 Issuance of SA 800 (Revised), SA 805 (Revised), SA 810 (Revised)
 Implementation Guide on Reporting on Audit Trail under Rule 11(g) of the Companies (Audit and Auditors) Rules, 2014 (Revised 2024 Edition) - (12-02-2024)
 Important Announcement for May-June 2024 CA Examinations

Guidance Note on Accounting for Derivative Contracts (Revised 2021)
July, 07th 2021

The Research Committee of ICAI issued the Guidance Note on Accounting for
Derivative Contracts to establish uniform accounting principles for accounting
of derivative contracts. In view of global developments in respect of Interbank
Offered Rates (IBORs), the same has been revised. A report on “Reforming
Major Interest Rate Benchmarks” was issued by Financial Stability Board
(FSB). Consequently, some major interest rate benchmarks will cease to be
published across the globe after December 2021. The ongoing reform in IBORs,
will impact the way financial information is accounted for in the financial
statements. Therefore, Guidance Note has been revised primarily to address
replacement issues relating to hedge accounting arising from Interest Rate
Benchmark Reform.


I congratulate the Accounting Standards Board in taking this initiative and
coming out with revised Guidance Note


I appreciate CA. M P Vijay Kumar, Chairman, Accounting Standards Board and
CA. (Dr.) Sanjeev Singhal, Vice-Chairman, Accounting Standards Board and
all members of the Accounting Standards Board including other colleagues in
the Council who have contributed immensely towards bringing out this
publication.


I am confident that this Guidance Note would be of immense use to the
professionals and other stakeholders for fulfilling their financial reporting
requiirements.

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