Economy | Panel not for mandatory accounting norms till ’11

Economy | Panel not for mandatory accounting norms till ’11
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First Published: Wed, Mar 25 2009. 10 28 PM IST
Updated: Wed, Mar 25 2009. 10 28 PM IST
New Delhi: The National Advisory Committee on Accounting Standard (NACAS) has proposed that Accounting Standard (AS) 11, which mandates mark-to-market (MTM) provisioning in the profit and loss account for foreign exchange-related gains and losses, should not be imposed on the firms till 2011, sources said.
The country plans to converge to international accounting norms, IFRS, by 2011.
— PTI
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EPFO can maintain 8.5% interest payout in FY10
New Delhi: The Employees’ Provident Fund Organisation can comfortably offer 8.5% interest rate to its 4.41 crore depositors during 2009-10 and still record a surplus contrary to Rs139 crore losses suffered by it for giving the same benefit during the current fiscal.
The issue of return to the depositors would be discussed at a meeting of the finance and investment committee on Thursday, the agenda for which lists that maintaining an 8.5% interest could still give the fund a surplus of Rs6.4 crore on the investment made by the Fund.
—PTI
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Slowing inflation was anticipated: Virmani
New Delhi: India’s slowing inflation was anticipated, the finance ministry’s top economist Arvind Virmani said in New Delhi on Wednesday.
The country’s inflation will stay near zero for some time this year, he said.
Virmani said the retail price- based inflation, which is ruling above the Wholesale Price Index (WPI), will come down with a lag.
“I expect consumer price index also to come down with a lag but I don’t think it will go down to a level we see in the WPI,” Virmani said.
— Bloomberg & PTI
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First Published: Wed, Mar 25 2009. 10 28 PM IST