Can anyone help me in clearing my issues?
1 What are assets. ( No self explanation but it should be written somewhere)
2 What are foreign assets??( No self explanation but it should be written somewhere)
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Assets
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foreign assets??
Net foreign assets are the sum of foreign assets held by monetary authorities and deposit money banks, less their foreign liabilities.
Net Foreign Assets (NFA) of the banking sector comprise the net foreign exchange assets of the Reserve Bank of India and the net foreign currency assets of the banking system in India.
Also refer: net-foreign-assets-nfa.
for eg. if I'm mining something and I are stored in China and brought in India and then sold in India. such product can be considered as property?,
Asset is clearly defined wrt AS 10
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