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<h1>Foreign exchange accounting: ICDS mandates closing-rate conversion and profit-or-loss recognition, contrasting with AS and Ind AS treatment.</h1> Comparative summary of foreign exchange accounting: ICDS requires conversion of monetary items at closing rates with exchange differences recognised in profit or loss for income computation (subject to section 43A/Rule 115), makes no scope exception for exchange differences on foreign currency borrowings, and translates non-monetary historical-cost items at transaction-date rates. AS 11 and Ind AS introduce exceptions for borrowing-related exchange differences, a functional currency concept, and rules for accumulation and recycling of translation differences for net investments and foreign operations.