Current standards for financial instruments as per AS?
What are the current accounting standards for financial instruments as per AS?
Currently there are no accounting standards that specifically address financial instruments except for certain forward foreign exchange contracts covered by AS 11. The Accounting Standards relating to financial instruments, viz, AS 30, AS 31 and AS 32 which form the Indian GAAP, did not see the light of the day as these were withdrawn by March 2011, just before the scheduled date on which these were supposed to become mandatory. This created a vacuum for accounting standards relating to financial instruments. The Indian Accounting Standard, viz, AS 109, which is the converged version of IFRS 9 is however becoming mandatory with effect from 1 April, 2016 for certain types of entities as notified by the MCA. This Guidance Note is meant for those entities not covered by the aforesaid notification and would be applicable from 1 April, 2016. This Guidance Note is an interim measure to provide recommendatory guidance on accounting for derivative contracts and hedge accounting, as there is no mandatory guidance in this regard currently.