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As-11

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(Querist)
18 August 2013 Foreign Exchange fluctuation should be adjusted to the cost of Fixed Asset or not?
Like a fixed asset is purchased on 10-8-13 on credit for $100 @ 60,its corresponding liability is discharged on 30-4-14.On 31-3-14 1$=Rs.62 and on 30-4-14 1$=Rs.61, kindly explain the treatment.
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Kumar

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Kumar (Expert)
19 August 2013 In books take 60 vs 62 to P&L

For income tax purpose, adjust 60 vs 61 in Fixed asset. Disallow 60 vs 62 in FY 12-13 as you would adjust the cost next year
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Sahil Allawadhi

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Sahil Allawadhi (Querist)
23 August 2013 And according to you, for income tax purposes,exchange difference to be adjusted from the date of purchase to date of settlement of liability.there is no relevance of rate of exchange on closing date i.e.31 march?Right?
and what about Co act & AS-11?
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Kumar

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Kumar (Expert)
23 August 2013 Right

For AS 11 restatement on closing date needs to be done
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