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Applicability of as 30, 31

bhavna (ca-final student) (120 Points)

29 October 2012

Are AS 30, 31 applicable for Nov2012 CA-FINAL exam ?

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(Guest)

Sure,Applicable for Nov 2012 attempt

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Application of AS 30, Financial Instruments:

Recognition and Measurement, for the accounting periods ending on or before 31st March 2011 and from 1st April, 2011 onwards
1. Accounting Standard Board of ICAI has issued a clarification regarding applicability of AS 30 (dated 11th February, 2011). It is darified that in respect of the financial statements or other financial information for the accounting periods commencing on or after 1St April 2009 and ending on or before 31St March 2011, the status of AS 30 would be as below:
(i) To the extent of accounting treatments covered by any of the existing notified accounting standards (for eg. AS 11, AS 13 etc,) the existing accounting standards would continue to prevail over AS 30.
(ii) In cases where a relevant regulatory authority has prescribed specific regulatory requirements (eg. Loan impairment, investment classification or accounting for securitizations by the RBI, etc), the prescribed regulatory requirements would continue to prevail over AS 30.
(iii) The preparers of the financial statements are encouraged to follow the principles enunciated in the accounting treatments contained in AS 30. The aforesaid is, however, subject to (I) and (ii) above.
2. From 1’ApriI 2011 onwards,
(I) the entities to which converged Indian accounting standards will be applied as per the roadmap issued by MCA, the Indian Accounting Standard (lnd AS) 39, Financial Instruments; Recognition and Measurement, will apply.
(ii) for entities other than those covered under paragraph 2(i) above, the status of AS 30 will continue as clarified in paragraph 1 above.
3. The abovementioned clarifications would also be relevant to the existing AS 31, Financial instruments: Presentation and AS 32, Financial instruments: Disclosures as well as for Ind AS 32, Financial instruments: Presentation and Ind AS 107, Financial Instruments: Disclosures, after 1St April 2011 onwards.

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bhavna (ca-final student) (120 Points)
Replied 29 October 2012

but Parveen Sharma Sir ke text book me ye AS nahi hai....i dont undersand dis...he has covered them in class (aacording to his students) but unki textbook jo market me available hai unme ye AS nai hai