https://www.taxtmi.com/acts?id=14683 AS 11 requires initial recognition of foreign currency transactions at the transaction date rate (or practical approximation) and reporting of foreign currency monetary items at each balance sheet date at the closing rate, subject to exceptions where the closing rate is not representative. Non-monetary items use transaction-date or valuation-date rates. Exchange differences are recognised in profit or loss unless they relate to monetary items that constitute part of a net investment in a non-integral foreign operation, in which case differences are accumulated in a foreign currency translation reserve until disposal. en-us Sat, 04 Jun 2011 12:01:36 +0530 Wed, 20 Jun 2018 12:27:08 +0530 TaxTMI RSS Generator https://www.taxtmi.com/acts?id=14683 AS 11 requires initial recognition of foreign currency transactions at the transaction date rate (or practical approximation) and reporting of foreign currency monetary items at each balance sheet date at the closing rate, subject to exceptions where the closing rate is not representative. Non-monetary items use transaction-date or valuation-date rates. Exchange differences are recognised in profit or loss unless they relate to monetary items that constitute part of a net investment in a non-integral foreign operation, in which case differences are accumulated in a foreign currency translation reserve until disposal. Act-Rules Companies Law Sat, 04 Jun 2011 12:01:36 +0530 https://www.taxtmi.com/acts?id=14683