Accounting for volatility

Financial Express 30/04/2009

Sai Venkateshwaran, partner, Grant Thornton, feels the amendment will have only a temporary impact as companies would anyway report numbers under IFRS from 2011, wherein the balance in the foreign currency Monetary Item Translation Difference account doesnt get carried forward."Therefore one can assume that although this change has been made in the current circumstances, but the intent to move to IFRS continues unaffected."