As 11
This query is : Resolved
06 August 2011
How to account for a exchange difference on "Fixed assets linked Foreign currency liability"?
06 August 2011
As per AS-10 the exchange difference in purchase of fixed asset by foreign currency will be adjusted with cost of fixed asset
06 August 2011
As per AS-11 exchange difference, on the issue raised ,may be adjusted against the cost of the asset. As per MCA notification dated 11/5/2011 this treatment is extended upto 31/3/2012.
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07 August 2011
Yes I agree with the Experts. Loss due to exchange fluctuation if it is on account of capital loss then it is to be adjusted against the capital goods but if it is business loss then it is adjusted as expenses. Two different heads to be opened credit to be shown sparely and debit to be shown separately
07 August 2011
AS-11 All exchange difference will be transfer to P&L a/c.
Notification 225(E) - if exchange difference arises related to depreciable assets then exchange difference will be adjust to carrying amount of depreciable assets.
in any other case exchange difference will transfer to P&L a/c.
Notification 225(E) - if exchange difference arises related to depreciable assets then exchange difference will be adjust to carrying amount of depreciable assets.
in any other case exchange difference will transfer to P&L a/c.
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