06 February 2010
Hello My query is that whether the AS-11 notification issued in April '09 has been withdrawn or amended ? if yes , then what is impact of it on co.s who had exercised that option ?
07 February 2010
AS-11 notification has not been withdrawn which has been issued in april 2009.
According to AS-11 notification, foreign exchange differences can be capitalised in case of long term foreign currency monetary items upto 31.03.2011 and depreciation can be claimed on it as opposed to AS-11 which talks about not to capitalise the foreign exchange difference on non-monetary items.
After 31.03.2011, the exchange differences cannt be capitalised as from the 01.04.2011, IFRS going to apply
Any amount which has been capitalised under the above notification have to amortise in the year ended 31.03.2011.
CAclubindia
