Indian GAAP

Under the existing Indian GAAP, there is limited guidance available for accounting of derivatives. The Accounting Standard (AS) 11 on “The Effects of Changes in Foreign Exchange Rates (revised 2003)” contains the authoritative guidance for accounting of forward exchange contracts or another financial instrument that is in substance a forward exchange contract. With respect to other derivative contracts, there is lack of authoritative accounting guidance. Certain companies adopted the hedge accounting principles of Accounting Standard 30, Financial Instruments:Recognition and Measurement (AS 30 is not notified by the ministry of corporate affairs.


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