AS 11(revisied)

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Rajasekar (Querist)
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23 December 2009 hi friends,
whether do we need to account the gain, arising because of reporting the monetary items at rate on b/s date(as per AS 11). If yes, is it not mean accounting unrealised Income. against the principle of :prudence".

Abraham Cherian

Abraham Cherian (Expert)
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04 January 2010 The gain needs to be accounted, as the principle behind that is stating the value that is most likely to be realised. In case that is not the case, the amount that is most likely to be realised should be reported. You may read para 11.a of AS 11 for better clarity.

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