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Accounting Standard-11

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(Querist)
10 December 2008 A person import goods, on the date of payment to creditor, he debit or credit this exchange differance to that material account. Is he correct according to AS-11?
If not what will be the treatment of this transaction and if exchange diff. is very big?
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Nilesh Shah

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Nilesh Shah (Expert)
12 December 2008 Nilesh Shah Writes:
According to AS-11 exchange difference is to be accounted in Profit and Loss account.

Sincerely,

Nilesh Shah
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