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AS 11

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Querist : Anonymous

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Querist : Anonymous (Querist)
04 June 2011 As per AS 11 Foreign curreny transaction should be converted in reporting curreny which exist on date of transaction.
Now, in a company
Asset is received on 01-08-2010

Date of installation is 07-08-2010

Date in which assets is booked- 01-03-2011 in books.

Rate of which date should be picked up for the purpose of conversion.
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Ashok Asthana

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Ashok Asthana (Expert)
04 June 2011 Converting into reporting currency means that in India, it has to be booked in Indian rupees. Date of payment should be taken as date for booking. The effect due to change in foreign currency to be taken to foreign currency gain/loss account, on the date of receipt, in case of advance payment. Otherwise date of receipt.
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Querist : Anonymous

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Querist : Anonymous (Querist)
04 June 2011 if my method of accounting is Accrual, then hw can i book the asset on date of payment ..........???
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Dhirajlal Rambhia

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Dhirajlal Rambhia (Expert)
10 July 2023 "Sorry, I am not a featured member."

For featured members contact....

https://www.caclubindia.com/catalogue/featured.asp
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