AS 11 treatment
This query is : Resolved
02 July 2009
as difference in foreign exchange rate should be charged to p&l a/c, one of my listed company client is adjusting such foreign exchange credit balance to sales a/c. saying that it ultimately charged to p&l a/c. is the treatment right?
02 July 2009
Yes, the treatment is right. Provided theis gain/loss occured on account of sale tramsactions.
As 11 is not stoping to credit such gain/loss to be charged to such respect account.
As 11 is not stoping to credit such gain/loss to be charged to such respect account.
02 July 2009
charged to p&l a/c
03 July 2009
it has to be charged to p&l a/c .otherwise it is the violation of as-11 and requires qualification from the auditor.
with regards,
C.A.NISHIT DOSHI
with regards,
C.A.NISHIT DOSHI
03 July 2009
The treatment is not correct.
As per AS-5 read with AS-11, the amount of foreign exchange gain or loss should be shown separately.
As per AS-5 read with AS-11, the amount of foreign exchange gain or loss should be shown separately.
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