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The principal issues in accounting for foreign currency transactions and foreign operations are to decide which exchange rate to use and how to recognise in the financial statements the financial effect of changes in exchange rates.
recognition in the reporting currency, by applying to the foreign currency amount the exchange rate between the reporting currency and the foreign currency at the date of the transaction.
The principal issues in accounting for foreign currency transactions and foreign operations are to decide which exchange rate to use and how to recognise in the financial statements the financial effect of changes in exchange rates.
Accounting Standard (AS) 11: The Effects of Changes in Foreign Exchange Rates: Accounting Standard (AS) 12: Accounting for Government Grants: Accounting Standard (AS) 13: Accounting for Investments: Accounting Standard (AS) 14: Accounting for Amalgamations: Accounting Standard (AS) 15: Employee Benefits: Amended vide G.S.R. 212(E) 27.03.2008 - Companies (Accounting Standards) Amendment Rules, 2008:
Ind AS 21, The Effects of Changes in Foreign Exchange Rates (b) the currency that mainly influences labour, material and other costs of providing goods or services (this will often be the currency in which such costs are denominated and settled). 10 The following factors may also provide evidence of an entity’s functional currency:
The Indian Accounting Standards (Ind AS), as notified under section 133 of the Companies Act 2013, have been formulated keeping the Indian economic & legal environment in view and with a view to converge with IFRS Standards, as issued by and copyright of which is held by the IFRS Foundation.
74-80. 788-91Accounting Standard (AS) 10#Property, Plant and Equipment(This Accounting Standard includes paragraphs. et in bold italic type and plain type, which have equal auth. rity. Paragraphs in bold italic type indicate the main principles. This Accounting Standard should be read in the context of the General Ins.
This Standard applies to the presentation of an entity’s financial statements in a foreign currency and sets out requirements for the resulting financial statements to be described as complying with Indian Accounting Standards (Ind ASs).
The purpose of this Appendix is only to bring out the differences between Indian Accounting Standard (Ind AS) 21 and the corresponding International Accounting Standard (IAS) 21, The Effects of Changes in Foreign Exchange Rates.
borrowings and interest on foreign currency borrowings is considered as borrowings costs to be accounted for under this Standard and the remaining exchange difference, if any, is accounted for under AS 11, The Effects of Changes in Foreign Exchange Rates.
