Dear All,
Please let me know the applicability of AS -11 for the agreement enetered betwwen two Indian parties in Foreign currency.
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Applicability of AS - 11
Replies (2)
yes AS-11 will be applicable
AS-11 applicable for Initial recognition of recording a transaction in Foreign currency,subsequent recognition,Foreign operations both integral and Non Integral and Forward Contracts .After 1.4.2011 Forward Contracts are covered in AS-30 and removed from AS-11
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