The ICAI’s Accounting Standards Board (ASB) has cleared the proposed accounting standard on disclosure of ‘financial instruments’ (AS-32). This standard would now be considered for final approval by the central council of the Institute of Chartered Accountants of India (ICAI) at its meeting slated for mid-May. The ASB had, at its recent meeting, agreed to several suggestions made by the Reserve Bank of India for improving the disclosure norms under AS-32, sources said. Indications are that the AS-32 (financial instruments-disclosures) would become mandatory for corporates from accounting year beginning April 1, 2011.-www.thehindubusinessline.com