A Private Limited Company, having advance in foreing currency against sales, The said advance is outstanding for more than 18 months in the balance sheet, The exchange loss arising on the monetary items is around Rs. 5 lakhs, can the company excercise the option available under para 46 of the AS 11.
Kindly Comment
Definitely.. the same can be accounted as foriegn exchnage losses as per AS-11.
V.MASTHANVALI SIR
My question is whether the loss arising could be transfered to the Foreign Currency Monetary Items Translation Difference Account (FCMITDA) as per para 46 of the AS 11.
Shyam Joshi & Associates
Pune
B.Com
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SMJ global advisors pvt ltd
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Rahul Dang & Associates-Chartered Accountants
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