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As per para 8 (c) of as 11 (revised 2003), foreign currency transactions include transactions when an enterprise becomes a party to an unperformed forward exchange. If the forward contracts meet the specific criteria under these standards, hedge accounting may apply, allowing certain gains or losses to be deferred. Currently, prior to the issuance of the guidance note, the relevant source of guidance for accounting of foreign currency forward exchange contracts is as 11, which is notified under.
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Currently, in india, with regard to derivatives, authoritative guidance for accounting of forward exchange contracts or another financial instrument that is in substance a forward exchange. The recently issued ‘guidance note on accounting for derivative contracts’ (gn) under indian gaap amongst other things will apply to forward contracts or derivatives that hedge a highly. Forward contracts entered into to hedge the foreign currency risk of a firm commitment or a highly probable forecast transaction.
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Indian gaap considered in this publication comprises of accounting standards (as) notified under the companies (accounting standards) rules, 2006 vide notification g.s.r.739 (e).
The objective of this guidance note is to provide guidance on recognition, measurement, presentation and disclosure for derivative contracts so as to bring uniformity in. In addition, this publication supersedes all previously issued editions. Ca trushit shah, pratik mehta & bhavya chheda ***** this publication has been prepared to support you in reviewing the differences between ifrs, us gaap, ind as.
“firm commitment” shall mean a. Accounting and taxation of forward contracts presented by:
