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Fixed deposit

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(Querist)
27 October 2012 what is the accounting treatment of FD. CAN I TREAT IT AS CASH & CASH EQUIVALENTS UNDER BANK ACCOUNT OR TREAT AS INVESTMENT AND CLASSIFIED AS CURRENT AND NON-CURRENT ASSETS AS PER REVISED SCHEDULE VI
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Bhaskaran Chackrapani Warrier

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Bhaskaran Chackrapani Warrier (Expert)
28 October 2012 Please consider under current and non-current assets.
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Gurcharan

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Gurcharan (Expert)
29 October 2012 Hello,

The term cash and cash equivalents have been defined in AS-3 and therefore the interpretation should be drwan from this AS 3 for the purposes of revised Schedule VI as well. Accordingly, the Fixed Deposits with a bank that have a maturity of less than 3 months from the date of acqusition should be treated as Cash and Cash Equivalents. Other Fixed Deposits should continue to be treated as Other Deposits with the banks.

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