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As a part of the disclosure requirements for fair value measurements, an entity should classify the financial instruments measured at fair value using a ‘fair value hierarchy’ that reflects the significance of the inputs used in making the measurements. IFRS 7 consist of fair value hierarchy in its required disclosures to increase the comparability and consistency. A new standard “Fair Value Measurements” by IASB is expected to come by April 2011 on the lines of Statement No. 157 or ASC 820 of the US GAAP as a part of joint project of FASB and IASB. As per existing IFRS 7, the fair value hierarchy has three different levels: Level 1 inputs are quoted prices (unadjusted) in active markets for identical assets or liabilities that the reporting entity has the ability to access at the measurement date. A quoted price in an active market provides the most reliable evidence of fair value and should be used to measure fair value whenever available, except as follows: In some situ...

http://mca.gov.in/Ministry/pdf/Schedule_VI_28feb2011.pdf The Ministry of Corporate Affairs (MCA) has issued a revised Schedule VI to the Companies Act 1956 on the 28th February 2011. This revised Schedule VI has nothing to do with the converged Indian Accounting Standards (IND AS) as notified by the Ministry earlier. The Schedule has been framed been framed as per the existing non-converged Indian Accounting Standards (AS) notified under the Companies (Accounting Standards) Rules, 2006. This Schedule will apply to all the companies registered with ROC for the financial statements to be prepared for the financial year 2010 - 2011 and onwards. The highlights of the Revised Schedule VI is as follows: 1. Applies to all companies following non-converged Indian Accounting Standards 2. No possibility of conflict between Accounting Standard and Schedule VI as on modification of accounting standards prescribed under the companies act, Schedule VI would stand modified accordin...