https://www.taxtmi.com/acts?id=20049 Foreign currency transactions are recorded at the transaction date exchange rate (or an appropriate average); monetary items are translated at the closing rate at year end (unless that rate is unrealizable), non monetary items at the transaction date rate, and exchange differences on monetary items are recognised as income or expense in that previous year. Financial statements of foreign operations are translated according to their classification as integral or non integral, with non integral operations translated using closing rates for assets/liabilities and transaction date rates for income/expenses. Forward exchange contract premiums/discounts are amortised and exchange differences recognised as rates change, subject to hedge and trading exceptions. en-us Fri, 11 Sep 2015 18:46:34 +0530 Mon, 09 Jan 2017 13:06:32 +0530 TaxTMI RSS Generator https://www.taxtmi.com/acts?id=20049 Foreign currency transactions are recorded at the transaction date exchange rate (or an appropriate average); monetary items are translated at the closing rate at year end (unless that rate is unrealizable), non monetary items at the transaction date rate, and exchange differences on monetary items are recognised as income or expense in that previous year. Financial statements of foreign operations are translated according to their classification as integral or non integral, with non integral operations translated using closing rates for assets/liabilities and transaction date rates for income/expenses. Forward exchange contract premiums/discounts are amortised and exchange differences recognised as rates change, subject to hedge and trading exceptions. Act-Rules Direct Taxes Fri, 11 Sep 2015 18:46:34 +0530 https://www.taxtmi.com/acts?id=20049