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of <h1>ICDS VI: Record Foreign Currency Transactions Using Date Exchange Rate or Average Rate if Differences Aren't Significant.</h1> A foreign currency transaction should be initially recorded in the reporting currency by applying the exchange rate on the transaction date or using a weekly or monthly average rate, provided these rates do not significantly differ from actual rates. This guideline is outlined in the Income Computation and Disclosure Standards (ICDS) VI, which addresses the effects of changes in foreign exchange rates for income tax purposes.
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