Accounting during pre-operative period
This query is : Resolved
27 November 2007
On what basis do we account pre-operative expenses and Pre-operative gains.Is there any guidance note on them. whether exchange gain on restatement of loans taken for acquiring fixed assets is too be added to CWIP or to be recognised in the profit and loss a/c for periods comencing on or after the accounting standards are adopted by the companies act (with respect to notification issued by the ministry of corporate affirs on 7th Dec 2006(regarding the adoption of AS)
27 May 2008
see ankit jain's query of 9/5/08
11 February 2010
Refer Expert Advisory Commitee opinion of the ICAI in The february 2010 Chartered Accountant Journal . As per EACO Forex variations have to be taken to the profit and loss account , after giving due considerations to the relevent sections of AS 16 ( Regarding Capitalisation of forex loss to the extend it covers the difference between Indian Interest amount and Foreign Currency Loans' interest amount ).
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