Is it possible to partially adopt AS 30,31,32?
Accounting Standards on financial instruments viz. 30,31 and 32 are recommendatory in nature and not notified by National Advisory Committee on Accounting Standards.
Can we apply these standard only for selected items? Will it be violation of section 211 of Companies ACT?
No. It is not possible to adopt any accounting standard. Basically, AS 30, 31, 32 are recommendatory standards. They are not notified by NACAS. So, the company may or may not follow those standards.
If the company wants to apply these standards to any item of financial statement, it should not contravene to the provisions of the existing standards.
To this extent, these standards may be followed.
For Eg:- As per AS 30, investment need to classified as HTm, Loans & recievables, Trading, Fairvalue options . The measurement and presentation is totally different form Accounting standard 13 - Accounting for Investment. So, As 30 cannot contravene the AS 13. Hence, accounting treatment will be as per AS 13.
But, incase of say Accounting for firm commitments ( a type of forward exchange contracts) of which the present Accounting standard 11 is silent, AS 30 may be applied for such transactions.