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AS-11 ( Gain or loss on for ex)

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Querist : Anonymous

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Querist : Anonymous (Querist)
07 September 2010 Whether gain or loss arising on Foreign creditors at the year end can be transferred to proviosn for foreign exchange loss or gain a/c instead of transferring the gain or loss to the respective party A/c's
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CA SMR

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CA SMR (Expert)
08 September 2010 As per my experience the revaluation must affect the sundry creditors.I am keeping this open for further deliberation.
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CMA Ramesh Krishnan

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CMA Ramesh Krishnan (Expert)
09 September 2010 My view, gain or loss need to be transfer to provison for foreign exchage loss A/c.we may not net off the difference in Creditors a/c
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