Foreign Exchange Gain / Loss
This query is : Open
20 August 2010
Fixed Assets put to use in one accounting year at a foreign exchange rate but the payment for the same is made in the next accounting year at a different foriegn exhange rate as the foreign exchange rates changed - please suggest the accounting treatement for foreign exchange gain or loss as per accounting standard
20 August 2010
Fixed Assets being a non-monetary item should be reported using the exchange rate at the date of transaction.The forex gain or loss should be charged off on payment.More opinion is awaited.
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