AS 11/ EFFECT OF CHANGES IN FOREIGN EXCHANGE RATES / CA / AS REVISION / AS / RAHULMALKAN / ACCOUNTS
AS 11 - EFFECTS OF CHANGES IN FOREIGN EXCHANGE RATES.
This standard deals with accounting for foreign exchange transactions, translation of foreign operations and forward exchange contracts.
Foreign currency transactions should be initial recorded At SPOT rate and subsequently it should be classified as monetary item and non monetary item. Monetary item should be classified at closing rate and non monetary item carried at cost at historical rate and non monetary items carried at revised value at closing rate. The difference in measurement should be transferred to profit and loss account.
Foreign operations should be classified as integral operations and non integral operations.
Forward exchange contract should be accounted for depending upon if they are for HEDGING or for SPECULATION.
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