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About AS-11

This query is : Resolved 
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(Querist)
02 January 2009 Dear Sir/Mam,

A Co. is imported material, at the time of payment they are debited/credited the exchange diff. in respective material a/c. When i told to them that according to AS-11 this diff. should be debited/credited to P&L a/c instead of Material a/c , but they said that purchase a/c is also a part of P&L a/c.
So now tell to me that whether it should debit or credit in respective material a/c or in P&L a/c?
Also they are doing same treatment with Sale.
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Bhaskaran Chackrapani Warrier

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Bhaskaran Chackrapani Warrier (Expert)
02 January 2009 Exchange difference should be separately disclosed in the profit and loss a/c.
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