Businesses today frequently deal in foreign currencies — for example, an Indian company may export goods in US dollars or have a branch operating abroad. Since exchange rates between currencies keep changing, these fluctuations affect how income, expenses, assets, and liabilities are recorded in financial statements. To ensure uniform and transparent accounting of such transactions, t... https://www.kanakkupillai.com/learn/as-11-the-effects-of-changes-in-foreign-exchange-rates/