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CII seeks change in accounting norms

CII seeks change in accounting norms
PTI
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First Published: Sun, Mar 15 2009. 10 44 PM IST
Updated: Sun, Mar 15 2009. 10 44 PM IST
New Delhi: The Confederation of Indian Industry (CII) on Sunday suggested modification in the accounting norm of recording notional losses on account of foreign exchange transactions, a demand that does not finds favour with accounting regulator Institute of Chartered Accountants of India.
“It is proposed that the accounting requirements be reviewed to allow the accounting of foreign exchange revaluation gains/losses over the remaining tenor of the underlying items of borrowings or receivables,” CII said in a statement.
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First Published: Sun, Mar 15 2009. 10 44 PM IST