A new accounting standard –Financial Instruments: Disclosures (AS-32) has received the nod of the Central Council of the Institute of Chartered Accountants of India (ICAI).

The Council proposes to make AS-32 recommendatory from April 1, 2009, and mandatory from April 1, 2011.

The objective of this accounting standard is to require entities to provide disclosures in their financial statements to enable users to evaluate the significance of financial instruments for the entity’s financial position and performance.

The draft of the standard can be found here
As if the current Accounting standards were not confusing enough we now have more Standards to confuse us even more – HAPPY READING !!!!

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