foreign exchange
This query is : Resolved
10 November 2017
if we had taken loan from other country for purchase of fixed asset and foreign exchange gain is arised so what s treatment of this gain whether it will be added or reduce from cost of asset??? with journal entry???
11 November 2017
the gain if any should be accounted for as the income of that year
11 November 2017
As per the accounting standard, exchange difference is to be added / deducted from the value of asset.
For the purpose of Income tax:-
+ if the asset is also acquired abroad, treat as said above.
+ if the asset is domestically acquired, gain or loss should be recognised as
revenue.
For the purpose of Income tax:-
+ if the asset is also acquired abroad, treat as said above.
+ if the asset is domestically acquired, gain or loss should be recognised as
revenue.
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