Treatment of imported fixed asset
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
07 June 2012
what the treatment of imported fixed asset which held with the intention of being used for the purpose of producing or providing goods or services and is not held for sale in the normal course of business.
1.My question is whether the foreign fluctuation booked in under profit and loss account or added in the cost of the fixed asset?
2.which date is taken to book the foreign fluctuation whether the bill date or bill of lading or bill of entry date?
1.My question is whether the foreign fluctuation booked in under profit and loss account or added in the cost of the fixed asset?
2.which date is taken to book the foreign fluctuation whether the bill date or bill of lading or bill of entry date?
11 June 2012
as per AS 11 exchange fluctuation is to be transferred to profit and loss a/c.
and date will be the bill date
and date will be the bill date
21 June 2012
I disagree with Shri Himansuji.
1) as per As-11 the If the exchange difference relates to the acquisition of the depreciable asset, the same will be added or deducted from the cost of the assets. in other words if there is a gain cost of asset will be reduced and vice-versa.
Because As per AS-11 there is amendment from Ministry of Corporate Affairs vide Notification No-GSR-225(E) dated 31-03-2009 which is also extended upto 31-03-2012 vide
Notification dated 13-05-2011.
Please refer to page no. 139 of guide to accounting standards of taxmann.
2) for question no. 2 - no comments
I disagree with Shri Himansuji.
1) as per As-11 the If the exchange difference relates to the acquisition of the depreciable asset, the same will be added or deducted from the cost of the assets. in other words if there is a gain cost of asset will be reduced and vice-versa.
Because As per AS-11 there is amendment from Ministry of Corporate Affairs vide Notification No-GSR-225(E) dated 31-03-2009 which is also extended upto 31-03-2012 vide
Notification dated 13-05-2011.
Please refer to page no. 139 of guide to accounting standards of taxmann.
2) for question no. 2 - no comments
03 July 2012
In this connection please refer to GSR No. 914E dated 29.12.2011 which modifies AS 11 by adding a new para 46A.
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