Is ICAI fair in advancing the implementation of AS-30

ICAI has advanced the adoption of AS-30 by the corporates under the pretext of "prudence accounting". AS-30 was earlier mandatory by April, 2011. AS-30 requires companies to report their outstanding derivative contracts at market values. This has put the corporates in a fix. They will now have to disclose the mark to market losses on their outstanding forex derivative contracts. With the rupee appreciating by almost 12-15% last year, analysts put the corporate losses at Rs. 15000 cr. Valuations will take a huge beating. Bottomlines of companies may hit new bottoms. However there are section of people who feel that reporting of derivative losses will increase transparency and protect investors interests.