Chartered Standards

Institute of Charted Accountants is working on two new accounting standards to improve disclosure and measurement of complex financial instruments, at the heart of spectacular bankruptcies in the US.
Accountants say these two standards modeled on IAS 32 and 39 will make reporting on derivatives more transparent.
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rnThe complex nature of derivative and other financial instrument contracts have baffled regulators who want better disclosure and measurement.rn

rnWidely used financial instruments in Sri Lanka are the unsophisticated forward agreements mainly in the currency markets.rn

rnIn the US over the last few years millions of investors lost money through the high profile collapse of top companies.rn

rnAll these cases involved complex derivative contracts sometimes outside the balance sheet.rn

rnIn some cases even the top executives themselves did not know the full implications of these off-balance sheet transactions.rn

rnAlthough local corporates dont use derivatives extensively they coul

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