As 11
This query is : Resolved
06 August 2011
How to account for a exchange difference on "Fixed assets linked Foreign currency liability"?
06 August 2011
As per AS-10 the exchange difference in purchase of fixed asset by foreign currency will be adjusted with cost of fixed asset
06 August 2011
As per AS-11 exchange difference, on the issue raised ,may be adjusted against the cost of the asset. As per MCA notification dated 11/5/2011 this treatment is extended upto 31/3/2012.
Message likes :
1 times
07 August 2011
Yes I agree with the Experts. Loss due to exchange fluctuation if it is on account of capital loss then it is to be adjusted against the capital goods but if it is business loss then it is adjusted as expenses. Two different heads to be opened credit to be shown sparely and debit to be shown separately
07 August 2011
AS-11 All exchange difference will be transfer to P&L a/c.
Notification 225(E) - if exchange difference arises related to depreciable assets then exchange difference will be adjust to carrying amount of depreciable assets.
in any other case exchange difference will transfer to P&L a/c.
Notification 225(E) - if exchange difference arises related to depreciable assets then exchange difference will be adjust to carrying amount of depreciable assets.
in any other case exchange difference will transfer to P&L a/c.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- ITR 2 Short Term gain & Long term gain
- Off Market debit and credit transaction
- Itr 1 processing
- Reporting Income under Section 44ADA
- ITR validation error - Balance sheet is not filled
- ITR 1: Details for showing Exempt Income
- ITR returnFY25-26
- Short Term Capital gain on shares bought and sold after 2018 onwards
- INCOME TAX ON REDEVELOPEMENT OF FLAT
- Bank Accounts in Balance Sheet for ITR 3
- Opting out" of regime provided under subsection (1A) of Section 115BAC but Form 10IEA is not filed.
- Difference in tax comparison report
- Gst invoice numbering and delivery challan numbering
- Sales amount in Gstr1
- E Commerce GSTR1 & 3B how to file
- GST Cancellation without jurisdiction
- Legal Opinion on Registrar's Refusal to Investigate a Society for Non-Renewal and Non-Compliance
- GST Refund_RFD-01
- Form10BD was uploaded successfully without any Error but after 24 hours, Form10BE are not available
- Annexure B utility for GST Refund
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
