https://www.taxtmi.com/news?id=14300 ICDS VI prescribes that foreign currency transactions be initially recorded at the transaction rate (or an appropriate average rate); monetary items be translated at the closing rate and non monetary items at transaction date rates; exchange differences on monetary items be recognised in profit and loss while those on non monetary items are not; foreign operations are classified as integral or non integral with differing translation methods; and forward contract premiums or discounts at inception be amortised with exchange differences and profits or losses on cancellation recognised in the period of occurrence. en-us Tue, 07 Apr 2015 13:00:31 +0530 Thu, 09 Apr 2015 14:39:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/news?id=14300 ICDS VI prescribes that foreign currency transactions be initially recorded at the transaction rate (or an appropriate average rate); monetary items be translated at the closing rate and non monetary items at transaction date rates; exchange differences on monetary items be recognised in profit and loss while those on non monetary items are not; foreign operations are classified as integral or non integral with differing translation methods; and forward contract premiums or discounts at inception be amortised with exchange differences and profits or losses on cancellation recognised in the period of occurrence. News - Tue, 07 Apr 2015 13:00:31 +0530 https://www.taxtmi.com/news?id=14300