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of <h1>Amendment to Accounting Standards: Enterprises Can Adjust Exchange Differences on Long-term Foreign Currency Items Until 2011.</h1> The Companies (Accounting Standards) Amendment Rules, 2009, effective upon publication in the Official Gazette, modify the 2006 rules regarding foreign exchange rates. For accounting periods from December 7, 2006, to March 31, 2011, enterprises can irrevocably opt to adjust exchange differences on long-term foreign currency monetary items. These differences, if related to depreciable capital assets, can be added to or deducted from the asset cost and depreciated over its remaining life. Alternatively, they can be recorded in a 'Foreign Currency Monetary Item Translation Difference Account' and amortized over the item's term, not exceeding March 31, 2011. Disclosure of this option and unamortized amounts is required.
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