Accounting Standard-11
This query is : Resolved
10 December 2008
A person import goods, on the date of payment to creditor, he debit or credit this exchange differance to that material account. Is he correct according to AS-11?
If not what will be the treatment of this transaction and if exchange diff. is very big?
If not what will be the treatment of this transaction and if exchange diff. is very big?
12 December 2008
Nilesh Shah Writes:
According to AS-11 exchange difference is to be accounted in Profit and Loss account.
Sincerely,
Nilesh Shah
According to AS-11 exchange difference is to be accounted in Profit and Loss account.
Sincerely,
Nilesh Shah
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