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CAPITAL GAIN

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10 December 2009 if we record profit on sale of shares on fifo basis then does it violates AS13
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CA SURENDRA KUMAR RAKHECHA

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CA SURENDRA KUMAR RAKHECHA (Expert)
10 December 2009 To make a solution of the above; it is presumed that shares are held for short term (for accounting purpose-deemed as current investments).

For Income-tax purpose; you should record profit on sale of shares on fifo basis.

However; AS-13 provisions are somewhat different.

According to AS-13; at the end of the year; you have to value your shareholding at lower of cost and realisable value.

It means if valuation is made according to FIFo; then it voilates AS-13.


CA Rakhecha
Surat
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