Indias National Advisory Committee on Accounting Standards will meet 26 May to discuss for the approval of two important accounting standards relating to financial instruments, including derivatives, reports The Hindu Businessline.
I am told that NACAS will meet on 26 May to consider AS-30 and AS-31, says Ved Jain, president, Institute of Chartered Accountants of India. An approval from NACAS would enable the Centre to take a call on these two standards and notify them under Company Law.
While AS-30 is Accounting Standard on “Financial Instruments: Recognition and Measurement,” AS-31 is Accounting Standard on “Financial Instruments: Presentation” The Central Council of the ICAI had recently approved Accounting Standard on “Financial Instruments: Disclosure.”
So far, the Centre has notified AS 1-29 on the basis of the recommendations of NACAS.