Conversion of INR TB in $ TB
This query is : Resolved
12 August 2010
Hi,
I am converting INR TB to $ TB, all BS items at closing rate and all P&L items are at average rate, but I am getting huge amount as exchange fluctuation difference, should i need to treat it as exchange loss? is that the right way to do?
Awaiting for your reply.
Regards,
Nazir
I am converting INR TB to $ TB, all BS items at closing rate and all P&L items are at average rate, but I am getting huge amount as exchange fluctuation difference, should i need to treat it as exchange loss? is that the right way to do?
Awaiting for your reply.
Regards,
Nazir
12 August 2010
If the same rate is applied everywhere, I don't think there should be any difference due to this conversion.
Please check your calculations carefully.
Please check your calculations carefully.
12 August 2010
Thats Simple Subhash.. thanks for your reply.. but actually it is not allowed under India GAAP and US GAAP.. and logically also not the right thing to do.
Nazir
Nazir
13 August 2010
Dear Nazir
Here reporting currency is USD as you are converting INR to USD AS 11 will not apply
are thess FS to fiiled In USA? then follow their standard
Here reporting currency is USD as you are converting INR to USD AS 11 will not apply
are thess FS to fiiled In USA? then follow their standard
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- SEC 54 OF IT ACT
- Is Aadhar PAN linking required for opening bank account?
- CPC Processing IT Return for AY 2023-24 without recognizing the Taxation Option under New Regime
- Where to show the RCM on Rent paid to unregistered landlord
- Form 26QB for TDS on property
- Offsetting interest income against derivative trading losses
- DTCP approval
- Whether still royalty
- Payable outstanding for years disallowance
- RCM - commercial rent paid to URP under GST
- Input credit reversal for the FY2023-24
- Regarding Form 15CA & CB
- Issue of gst e invoice
- Interchangeable words in accounts
- Adjusted profit/Loss in the case of LLP and Pvt. Ltd.company
- How to adjusted advances given or receipt
- Foreign vendor without PAN unable to to register due to non receipt of OTP on foreign number ?
- 133(6) DIN INVALID format error - ->WHERE TO REPLY 133(6) notice?
- Query for dubts
- Regarding Resignation by Auditor from Pvt. Ltd.
Trending Online Classes
-
Excel Mastery Program
CA Rishabh Pugalia
CAclubindia
