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AS - 10 versus company law

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(Querist)
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)
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S.Srinivasaraghavan

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S.Srinivasaraghavan (Expert)
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.
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Ajith Kumar

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Ajith Kumar (Expert)
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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