Corporate India can say goodbye to forex losses and it's not an April fool's day joke. The truth is that this could be the best news India in has heard this earnings season. CNBC-TV18 has learnt that the Ministry of Corporate Affairs (MCA) has accepted the recommendations of the National Committee on Accounting Standards or NACAS to minimise the impact of Accounting Standards-11 (AS-11).
MCA has issued notification diluting AS-11. The notification says that forex losses on capital assets can be capitalised and Mark-to-Market (MTM) forex losses or gains can be parked in special account. Notification will be made public on Thursday.
No comments:
Post a Comment