Monetary and Non-monetary items..under AS-11..urgent sir!!!
This query is : Resolved
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.
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.
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.
There is only three non monetary items Investment, Stock, Fixed Assets.
All other items are monetary items.
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