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Monetary and Non-monetary items..under AS-11..urgent sir!!!

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(Querist)
19 August 2010 Dear Experts,
Can we treat creditors arising out of purchase of capital asset (i.e. Fixed Assets) as monetary item?

Please any one explain me the concept of monetary items and non-monetary items? I tried to understand but unable to have a grip on it.

Thanks for everyone who helped me...
With regards,
Rajesh.
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CA Amit Joshi

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CA Amit Joshi (Expert)
19 August 2010 Yes, Creditors on purchase of capital assets are monetary items.
There is only three non monetary items Investment, Stock, Fixed Assets.
All other items are monetary items.
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