Volume : I, Issue : VII, April - 2012

Accounting Standard (AS) 30 Accounting for Financial Instruments

Kalola Rimaben A, Chauhan Lalit R.

Abstract :

Accounting Standard (AS) 30, Financial Instruments: Recognition and Measurement, issued by the Council of the Institute of Chartered Accountants of India, comes into effect in respect of accounting periods commencing on or after 1–4–2009 and will be recommendatory in nature for an initial period of two years. The objective of this Standard is to establish principles for recognizing and measuring financial assets, financial liabilities and some contracts to buy or sell non–financial items. The scope of these interests in subsidiaries, associates and joint ventures that are accounted for Financial Statements and Accounting for Investments in Subsidiaries in Separate Financial Statements. Financial Instruments, it is used in this Standard with the meanings specified in defines financial instrument, financial asset, financial liability, equity instrument. A financial asset or financial liability at fair value through profit or loss is a financial asset or financial liability. The amortized cost of a financial asset or financial liability is the amount at which the financial asset or financial liability is measured at initial recognition minus principal repayments. Recognition, An entity should recognize a financial asset or a financial liability on its balance sheet when, and only when, the entity becomes a party to the contractual provisions of the instrument.  

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Article: Download PDF   DOI : 10.36106/ijar  

Cite This Article:

Kalola Rimaben A, Chauhan Lalit R. Accounting Standard (AS) 30 Accounting for Financial Instruments Indian Journal of Applied Research, Vol.I, Issue.VII April 2012


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