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Application to lease accounting Since a lessee's lease liability is a monetary item, the liability is translated using a current exchange rate at the end of each reporting period and foreign exchange differences are recognised in profit or loss.

At the date a foreign currency transaction occurs, each asset, liability, revenue, expense, gain, or loss arising from the transaction is recorded in the functional currency of the recording entity using the exchange rate in effect at that date.

FFMC License Process Incorporate your business as an FFMC Company. Get your documents ready. File the application for FFMC License. Wait for RBI to process the application. Get FFMC License.

As mentioned under Section 10 of the Foreign Exchange Market Act, 1999, only sanctioned money changers (AMCs) can indulge in currency exchange activities. No person has the authority to promote their money-changing business till they obtain a valid FFMC license released by the RBI.

Overview. IFRS 16 specifies how an IFRS reporter will recognise, measure, present and disclose leases. The standard provides a single lessee accounting model, requiring lessees to recognise assets and liabilities for all leases unless the lease term is 12 months or less or the underlying asset has a low value.

IFRS 16 requires that the lease liability should initially be measured at the present value of the lease payments that are not paid at the commencement date. The discount rate used to determine present value should be the rate of interest implicit in the lease.

In order to become a Forex dealer, an individual must have a Master's degree in Finance. After passing out from 12th grade, students can take up Finance, Banking, Marketing and Business Management courses in UG. For taking up PG courses, the candidates need to clear entrance exams like CAT, MAT, GMAT, ATMA, XAT etc.