The entire IAS 39 Financial Instruments: Recognition and Measurement, on which AS 30 Financial

Instruments: Recognition and Measurement was based, has been replaced by IFRS 9 Financial Instruments.
Therefore, the Government of India opted to notify Ind AS 109 Financial Instruments in correspondence to IFRS
9 and not IAS 39. Also, AS 30, AS 31 and AS 32 on Financial Instruments were earlier proposed to be made
mandatory for Level I entities only. However, after notification of Ind AS in February, 2015, these entities will be
applying the provisions stated in Ind AS 32, Ind AS 107 and Ind AS 109 and not AS 30, AS 31 and AS 32 for
accounting of financial instruments. Therefore, it is felt appropriate to make applicable Ind AS 32, Ind AS 107 and
Ind AS 109 in place of AS 30, AS 31 and AS 32 to the topic Accounting for Financial Instruments.
Accordingly, it has been decided to make Ind AS 32 Financial Instruments: Presentation, Ind AS 107 Financial
Instruments: Disclosures and Ind AS 109 Financial Instruments applicable on the topic Accounting for
Financial Instruments instead of AS 30 Financial Instruments: Recognition and Measurement, AS 31 Financial
Instruments: Presentation and AS 32 Financial Instruments: Disclosures from May, 2016 examinations for
Paper 1 : Financial Reporting at the Final level.
Further, it may also be noted that existing Accounting Standards as already given in the study material will
continue to be part of the syllabus alongwith the topic Introduction of Indian Accounting Standards (Ind AS);
Comparative study of ASs vis-a-vis Ind ASs; Carve outs/ins in Ind ASs vis- -vis International Financial Reporting
Standards (IFRSs), which has been recently included in the syllabus from May, 2016 examination and onward.
Thus for the remaining topics of the syllabus of Financial Reporting paper, existing Accounting Standards will still
be applicable.