Conversion of INR TB in $ TB

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Nazir (Querist)
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12 August 2010 Hi,

I am converting INR TB to $ TB, all BS items at closing rate and all P&L items are at average rate, but I am getting huge amount as exchange fluctuation difference, should i need to treat it as exchange loss? is that the right way to do?

Awaiting for your reply.

Regards,
Nazir

CMA. Subhash Kumar Jha

CMA. Subhash Kumar Jha (Expert)
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12 August 2010 If the same rate is applied everywhere, I don't think there should be any difference due to this conversion.

Please check your calculations carefully.

Nazir

Nazir (Querist)
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12 August 2010 Thats Simple Subhash.. thanks for your reply.. but actually it is not allowed under India GAAP and US GAAP.. and logically also not the right thing to do.

Nazir

Lalit Maheshwari

Lalit Maheshwari (Expert)
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13 August 2010 Dear Nazir
Here reporting currency is USD as you are converting INR to USD AS 11 will not apply
are thess FS to fiiled In USA? then follow their standard

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