Accounting standard - 11 "accounting for foreign exchange"
This query is : Resolved
31 January 2012
please get attention on this query to everyone
if there is company export the goods and book it as sales at that time US $ 52 Rs. and while receiving payment at that
time US $ 55 Rs. whatever the foreign exchange gain i.e, Rs. 3 is realised whether it would be appropiate
to credit it in sales account or if not why ? please consider this sales has been made during the year not at the end of the year.
Answer the question as per applicabilty of AS -11
please get attention on this query to everyone
if there is company export the goods and book it as sales at that time US $ 52 Rs. and while receiving payment at that
time US $ 55 Rs. whatever the foreign exchange gain i.e, Rs. 3 is realised whether it would be appropiate
to credit it in sales account or if not why ? please consider this sales has been made during the year not at the end of the year.
Answer the question as per applicabilty of AS -11
03 February 2012
AS 11 provides that foreign exchange gain/loss should be charged to Profit & Loss as Foreign exchange fluctuation and shown separately.
Therefore, such gain cannot be treated as sales.
It has to be shown separately as Foreign Exchange Gain.
Therefore, such gain cannot be treated as sales.
It has to be shown separately as Foreign Exchange Gain.
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