Exchange Rate

This query is : Resolved

Nazir (Querist)
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19 August 2009 Hi,

if i want to convert our profit & loss account and Balance for consolidating with our parent co.s books (which is in US) what exchange rate i need to take for.

1. Profit and Loss Items.
2. Balance Sheet Items.

is any AS having information about it???

Regards,
Nazir

CA Binal Shah

CA Binal Shah (Expert)
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20 August 2009 Hi,

1. All b/s items wil be converted by the rate prevailing on the dt of b/s i.e. if b/s is of 31/03/09 than rt prevailing on 31/03/09. But Fixed assets wil be valued at the rt prevailing on the date of purchase less depreciation.

2. As far as P&L a/c is concerned Opening stock wil be converted at the rt on the 1st day of the yr e.g. in above example rt as on 1/4/08. Cl.stock wil be converted at the rt s on 31/03/09. All exps. & Income wil be converted by avg.rate during the year.Abt coversion of purchase & sale I m nt sure,bt soon i'll tel u

Have a nice day!!

CA Binal Shah

CA Binal Shah (Expert)
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20 August 2009 Hi refer following links. It wil help u out.

1.https://www.caalley.com/as/as11_revisednew.pdf
2.https://www.indiacorplaw.com/AS%2011.pdf

Bye....

Nazir

Nazir (Querist)
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20 August 2009 Thanks Binal...

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