https://www.taxtmi.com/manuals?id=1298 ICDS VI prescribes recognition and translation rules for foreign currency transactions, classifying items as monetary or non monetary and requiring initial recording at transaction date rate (or period average where appropriate). Monetary items are translated at closing rate with a realistic rate exception; non monetary items are translated at transaction date rate except inventory at net realisable value. Exchange differences on monetary items are recognised in the relevant previous year, while exchange differences on non monetary year end conversions are not recognised for that year. Forward contract premiums or discounts are amortised over the contract period and specific recognition rules apply for trading, speculation and hedging cases. en-us Fri, 20 Nov 2015 15:01:00 +0530 Tue, 27 Jun 2023 18:38:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/manuals?id=1298 ICDS VI prescribes recognition and translation rules for foreign currency transactions, classifying items as monetary or non monetary and requiring initial recording at transaction date rate (or period average where appropriate). Monetary items are translated at closing rate with a realistic rate exception; non monetary items are translated at transaction date rate except inventory at net realisable value. Exchange differences on monetary items are recognised in the relevant previous year, while exchange differences on non monetary year end conversions are not recognised for that year. Forward contract premiums or discounts are amortised over the contract period and specific recognition rules apply for trading, speculation and hedging cases. Manuals Income Tax Fri, 20 Nov 2015 15:01:00 +0530 https://www.taxtmi.com/manuals?id=1298