Providing Amendments of AS 11
This query is : Resolved
15 February 2010
Can anyone please provide me the new provisions of AS 11? What is the procedure to apply the same on the companies???
15 February 2010
There is no change in AS-11. There is change in capitalisation of foreign exchange difference on non-monetary items according to govt. notification.
As per AS-11, the foreign exchange difference on non-monetary item cannot be capitalised and need to write off in the profit and loss. However, after the notification of govt., it can be capitalised on long term non-monetary assets but need to be amortised by 2011. And after that the companies need to prepare their accounts according to IFRS so automatically it would be write off.
Even previously for non-companies, AS are not mandatorily so they can capitalise difference in foreign exchange even for non-monetary assets.
But after notification, the companies are also eligible for capitalisation of foreign exchange difference on non-monetary assets
As per AS-11, the foreign exchange difference on non-monetary item cannot be capitalised and need to write off in the profit and loss. However, after the notification of govt., it can be capitalised on long term non-monetary assets but need to be amortised by 2011. And after that the companies need to prepare their accounts according to IFRS so automatically it would be write off.
Even previously for non-companies, AS are not mandatorily so they can capitalise difference in foreign exchange even for non-monetary assets.
But after notification, the companies are also eligible for capitalisation of foreign exchange difference on non-monetary assets
Message likes :
1 times
15 February 2010
AS 11 has been amendded by inserting paragraph 46 vide Companies accounting standards amendment rules,2009. Some tips can be read in the following link:-
http://www.icai.org/resource_file/16132announ1805a.pdf
http://www.icai.org/resource_file/16132announ1805a.pdf
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
- Is this income indian or foreign income?
- ITC temporary reversal and reclaim
- GST on export of services and Input Credit
- RCM applicability on Rent Paid by Registered Person to Unregistered Landlord for Residental Building
- Inventory of finished goods
- Applicable TDS rate for sale of property in Nov 2024
- Sale of property furniture sale
- Can we claim ITC of Feb-2024 in the month of November-2024 which was not claimed by oversight
- REGARDING 25 AS DATE OF PAYMENT AND DATE OF BOOKING
- Tds on building rent monthly
- Regarding Waiver of Interest levied u/s 50 of PGST/CGST Act
- LAST YEAR 2022-23 ITC IN NEXT YEAR 2023-24 REPORITNG IN GSTR-9
- MIS MATCH OF INVOICE NUMBER
- IGST Credit-Show cause notice issued-confusion
- Issue of gst e invoice
- 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 einvoice taken on nil rated sales
Trending Online Classes
CAclubindia
