Para 46 of as 11

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HARIKESH BISHT (Querist)
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10 June 2014 IS PARA 46 OF AS 11 COMPULSORY FOR COMPANIES TO FOLLOW OR IT IS AN OPTION FOR COMPANIES?WILL IT APPLY ON PARTNERSHIP?

Nikhil Kaushik

Nikhil Kaushik (Expert)
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10 June 2014 Para 46 is an one time option which cannot be changed to deal with exchange differences on long term foreign currency monetary items. So if you have any such item in your books, you need to choose between the options provided by section 46/46A.

It would apply to partnership firms if the same is being audited like under 44AB as auditor is required by ICAI to follow AS in such audits.

CS,CA F,Numrologi TusharSampat

CS,CA F,Numrologi TusharSampat (Expert)
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10 June 2014 yes once option is execercised then cannot change it later.

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