TREACHERY, ya thats a perfect word to summarise ICAI notification of AS-30, 31 and 32
The below was conveyed as per the notification:
Queries are being received from various quarters as to whether in today’s context, Accounting Standard(AS)-30, Accounting Standard(AS)-31 and Accounting Standard(AS)-32 are required to be studied thoroughly for the examinations of the Institute, as they are included in the respective syllabus.
In regard to above, it is clarified for guidance of students that while students are required to be conversant with the concepts like types of assets, definitions etc, however, they are not required to be thorough with the application part of the standard, in view of the complexities involved, for May 2010 Exam .
In contrast to the above, they have asked Hedge Accounting (Question) Q3(b) - 6 marks, which is on application of hedge accounting. I presume, another question Q4(b) on Interest Rate Amortisation which is of 8 marks, does come under the perview of AS -30, as earlier guidance notes on the same stands widtthdrawn.
So, I request to all the students, to strongly condemn the ICAI move of misguiding/misleading students and express your grievances/feedback. We shall take this forward to the ICAI, and bring the same to the notice of ICAI.
Remember your contibution will help all of us. I urge all of you to come forward and make this initiative (a fight for our justice) a concrete one.
I shall take this forward to the council (after exam and keep you posted) and with your help, it will bring justice. Let's make this a movement. PLS we need to be united on this issue.
CAclubindia
