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      Question

      Which accounting standard provides guidance on how to

      account for foreign currency transactions and the effects of changes in foreign exchange rates on financial statements in India?
      A Ind AS 16 Correct Answer Incorrect Answer
      B Ind AS 19 Correct Answer Incorrect Answer
      C Ind AS 21 Correct Answer Incorrect Answer
      D Ind AS 23 Correct Answer Incorrect Answer

      Solution

      Ind AS 21, titled "The Effects of Changes in Foreign Exchange Rates," is an accounting standard in India that provides guidance on how to account for foreign currency transactions and the effects of changes in foreign exchange rates on financial statements.

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