Flux in forex accounting norms

It is not only the rupee that has been in a flux these days. The accounting guidelines on the subject too are apparently in a state of indefiniteness.
A recent announcement by the Institute of Chartered Accountants of India (ICAI) has deferred to April 1, 2008, the applicability of its guidance on �Accounting for exchange differences arising on a forward exchange contract entered into to hedge the foreign currency risk of a firm commitment or a highly probable forecast transaction�.
Issued in January 2006, the guidance had been earlier announced to be applicable to accounting periods commencing on or after April 1, 2007.

The current postponement, decided at the ICAI�s council meeting on July 18, is due to the non-finalisation of the Accounting Standard on �Financial Instruments: Recognition and Measurement� now under formulation.
Another recent announcement on www.icai.org, the Institute�s homepage, is about how the accounting treatment of exchange differences contained in AS 11 is applicable, and not the requirements of Schedule VI to the Companies Act, 1956, in respect of accounting periods commencing on or after December 7, 2006.