The ICAI (Institute of Chartered Accountants of India) council, in session at Delhi, is currently deliberating the issuance of Accounting Standard 32, which will be reccomendatory from April 2009 and mandatory from 2011.

AS 32 follows standards 30 and 31 that deal with recognition and presentation and deals with the disclosure of financial instruments. The ICAI is likely to clear the standard, which means that entities will not only be required to disclose all market, credit and liquidity risk with respect to financial instruments, but also qualitatively state how this risk changes as variables like interest or forex rates change.