Conversion of INR TB in $ TB
This query is : Resolved
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
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
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.
Please check your calculations carefully.
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
Nazir
Lalit Maheshwari
(Expert)
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
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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