Introducing the “In Favour Of” filter in Case Laws.
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Introducing the “In Favour Of” filter in Case Laws.
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of <h1>Foreign Exchange Differences: Monetary Items Recognized as Income or Expense; Non-Monetary Items Not Recorded per ICDS VI.</h1> Foreign exchange differences for monetary items, such as money held and assets receivable or liabilities payable in fixed amounts, should be recognized as income or expense in the financial year they occur, either upon settlement or on the last day of the year. For non-monetary items, exchange differences arising from conversion on the last day of the year should not be recorded as income or expense for that financial year. This guidance is based on the Income Computation and Disclosure Standards (ICDS VI) regarding the effects of changes in foreign exchange rates.
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