India reacts to rise in FX derivatives losses
Financial statements for the period ending March 31, 2008 and onwards will have to disclose FX exposures by revealing notional losses on open contracts in fiscal year-end reports (see box).
The Institute of Chartered Accountants of India (ICAI) said questions have been raised over the foreign currency derivatives exposures of various corporates that are not being fully accounted for. "These exposures may translate into heavy losses due to fluctuations in the foreign exchange rates," the
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