Accounting of forward contract (foreign currency )

Please do let me know the accounting treatment of forward exchange transaction in case of following scenario.

On 1^st December 2011 ,Company received  a firm order of Rs. 100,000 USD. to deliver XYZ product to M/S ABC by  30^th  Dec 2011. Payment will be received  between 15, March 2011 to 14, April 2011(Spot rate 45.00) .

Based on the above order company enters in to the forward contract  on 1^st December 2011  with a forward rate of USD 45.95 (Spot rate USD 45.30) with the settlement date between 15, March 2011 to 14, April 2011.

Treatment mentioned in  Accounting Standard  11  is applicable in case of  forward contract entered based on the recognised assets in books.

Given example is considered as Fair Value Hedge as mentioned in the Accounting Standard  30.  Hedge based on the firm commitment.

There would not be any accounting entry at the time of entering in to the forward contract as there is no payment of premium of discount (as mentioned in the AS 30)

Whether it would be the same treatment as mentioned in AS 11 once assets are recognised in the books or any other accounting treatment.

What would be the accounting treatment of following :-

- forward contract at the time of recognition of sale in the books as on Dec 30^th 2011.

- Difference between spot rate and forward rate

- at the time of receiving sale consideration

- at the time of settlement of contract

Regards

Nitin