The Egyptian Financial Supervisory Authority (EFSA) is working on developing accounting procedures for tabulating the impact of the float on companies’ books in cooperation with the Egyptian Society for Accountants and Auditors (ESAA), said EFSA chief Sherif Samy. These procedures will allow companies to capitalize the FX differences on borrowings in foreign currencies used to fund fixed assets, Al Borsa reports. These procedures will count FX losses and gains in a company’s income statement, said Samy. EFSA and ESAA are working on procedures for appraising fixed assets.