Foreign exchange forward contracts

Foreign exchange forward contracts (or other financial instruments that are in substance forward contracts) that are hedges of highly probable forecast transactions and firm commitments. These contracts are outside he scope of AS 11. AS 11 covers accounting for foreign exchange forward contracts where the hedged item is recognised on the balance sheet for e.g. foreign currency trade receivable, borrowings, payables, etc.
Other foreign currency derivative contracts such as cross currency interest rate swaps, foreign currency futures, options and swaps, if not in the scope of AS 11. Other derivative contracts such as traded equity index futures, traded equity index options, traded stock futures and option contracts; and  Commodity derivative contracts.’


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