The Government Accounting Standards Advisory Board (GASAB) is developing Accounting Standards to be followed in preparation of financial statements for the Union Government and the State Governments in India.

As part of this exercise, it is now issuing Exposure Draft 7: Foreign Currency Transactions and Loss or Gain by Exchange Rate Variation. 15 Board Meeting of GASAB is scheduled to be held on 30th July 2008
Comments are invited on this Exposure Draft by February 5 2008

Copies of the Exposure Draft may be collected from the GASAB Secretariat, Office of the CAG of India, 10 Bahadur Shah Zafar Marg, New Delhi – 110 002 during office hours on any working day or Downloaded free of cost from website www.gasab.gov.in