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Revised rules

New Delhi, Feb. 6: ICAI has revised the Accounting Standard (AS 11) on the effects of changes in foreign exchange rates. It will come into effect in respect of accounting periods on or after April next year.

The existing AS 11 (revised 1994) requires adjustment of exchange differences arising on repayment of liabilities incurred for the purpose of acquiring fixed assets in the carrying amount of the respective fixed assets.The revised AS 11 does not permit such adjustment.

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