NFRA Releases Minutes of 20th Meeting, Recommends Ind AS 21 Amendment on “Lack of Exchangeability”
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- By Chetan Kulasri
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- Last Updated on 30 March, 2025
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The National Financial Reporting Authority (NFRA) released the minutes of its 20th meeting, which took place virtually on February 24, 2025. The meeting included discussions on various key issues, particularly focusing on the proposed amendment to Ind AS 21, The Effects of Changes in Foreign Exchange Rates, to address the issue of “lack of exchangeability.” This proposal, aligned with international standards, was agreed upon with a minor editorial enhancement, and NFRA recommended it to the Ministry of Corporate Affairs (MCA) for approval. NFRA also urged the MCA to expedite the notification of the amendment, as it is set to take effect on April 1, 2025.
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