Statement of Assets and Liabilities for last Five Years and Latest ...

) Recognition at the end of Accounting PeriodForeign Currency monetary assets and liabilities, other than the foreign currencyliabilities swapped into Indian Rupees, are reported using the closing exchange ratein accordance with the provisions of Accounting Standard – 11 (AS 11) issued by theInstitute of Chartered Accountants of India.Foreign Currency Liabilities swapped into Indian Rupees are stated at the referencerates fixed in the swap transactions, and not translated at the year end rate.c) Exchange Differencesi) Exchange differences arising on the actual settlement of monetary assets andliabilities at rates different from those at which they were initially recorded duringthe year, or reported in previous financial statements, other than the exchangedifferences on settlement of foreign currency loans and interest thereonrecoverable separately from the lessee under the lease agreements, arerecognised as income or expenses in the year in which they arise.ii) Notional Exchange Differences arising on reporting of outstanding long termforeign currency monetary assets and liabilities at rates different from those atwhich they were initially recorded during the year, or reported in previousfinancial statements, other than the exchange differences on translation offoreign currency loans and interest thereon recoverable separately from thelessee under the lease agreements, are transferred to a ‘Foreign CurrencyMonetary Item Translation Difference Account’ in terms of the notification no. F.No. 17/33/2008/CL-V dated 31 st March 2009 issued by the Government of India,Ministry of Corporate Affairs in modification of AS-11.iii) In respect of forward exchange contracts, the difference between the forwardrate and exchange rate on the date of transaction are recognised as income orexpenses over the life of the contract.4) InvestmentsInvestments are classified into long term investments and current investments basedon intent of Management at the time of making the investment. Investments intendedto be held for more than one year, are classified as long-term investments.Current investments are valued at the lower of the cost or the market value. Longterminvestments are valued at cost unless there is depreciation, other thantemporary, in their value.5) Leased AssetsLease arrangements where the risks and rewards incidental to ownership of an assetsubstantially vest with the lessee, are recognised as financial leases and are shown asReceivable in the Balance Sheet at an amount equal to the net investment in the lease,in accordance with Accounting Standard -19 ‘Leases’ issued by the Institute ofChartered Accountants of India.