AS - 10 versus company law
This query is : Resolved
07 November 2008
Whether exchange gain/loss on import of fixed asset would be capitalized (As per company law) or transferred to profit & loss account (As per AS - 10)
08 November 2008
Yes, there is a conflict. The Accounting standard which is also mandatory as per section 211 and Sch VI which is also part of the ACT, contradict each other in this case. THis has been brought to the attention of authorities in many forum. As usual the beauracracy will act only slowl.
08 November 2008
The provision of the Act will prevail over the Accounting standrad. Hence, exchange gain or loss on import of fixed asset needs to be capitalised.
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