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The CA Institute has come out with an exposure draft for accounting standard on financial instruments (AS 109).
This standard has been drafted on the basis of IFRS 9, Financial Instruments applicable for small and medium enterprises (SMEs). It has provisions from the existing Guidance Note on Accounting for Derivative Contracts issued by the CA Institute.
Comments can be sent on the exposure draft for AS 109 till June 30, the CA Institute has said.
Currently, under existing Accounting Standards (AS) there is no comprehensive robust standard on financial instruments. However, certain guidance with regard to financial instruments exist which is provided under: (1) AS11, the effects of changes in foreign exchange rates; AS13, Accounting for Investments and Guidance Note on Accounting for Derivative Contracts.
However, under Ind Ass, comprehensive standards and guidance is given on the subject under 3 Ind AS: (1) Ind AS 32, Financial Instruments: Presentation (2) Ind AS 107, Financial Instruments: Disclosures and Ind AS 109, Financial Instruments.
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