Accounting of fx gain or loss on foreign bank balance
This query is : Resolved
28 April 2016
Hello everyone,
Please help me out
I have one Query; while accounting of Foreign exchange gain or loss on Foreign cash and cash equivalent what is the correct treatment
say at the end of the month I have $50 in my bank account and reporting currency is INR so whatever gain or loss arises according to exchange rate at the month end, whether it would be our realized gain or loss OR unrealized, as if it is realized gain or loss then we will not reverse it in next month , but if it is Unrealized then we will pass a reversal entry at the beginning of the month,
please let me know the correct treatment as in my company for some countries they are reversing it and for some they are not passing reversal entry.
Please help me out
I have one Query; while accounting of Foreign exchange gain or loss on Foreign cash and cash equivalent what is the correct treatment
say at the end of the month I have $50 in my bank account and reporting currency is INR so whatever gain or loss arises according to exchange rate at the month end, whether it would be our realized gain or loss OR unrealized, as if it is realized gain or loss then we will not reverse it in next month , but if it is Unrealized then we will pass a reversal entry at the beginning of the month,
please let me know the correct treatment as in my company for some countries they are reversing it and for some they are not passing reversal entry.
28 April 2016
It is unrealised gain or loss.
Message likes :
1 times
28 April 2016
How? can you please clarify and provide reference of applicable IAS or Ind AS
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
- REGARDING GST ON COMMERICIAL PROPERTY
- Is this income indian or foreign income?
- 15ca /15cb whose income tax login? remitter or nri seller's login?
- GST on export of services and Input Credit
- RCM applicability on Rent Paid by Registered Person to Unregistered Landlord for Residental Building
- TDS U/S. 194NF
- ITC temporary reversal and reclaim
- Regarding Documentation & Compliances for Opening of Unit of Pvt Ltd.
- Applicable TDS rate for sale of property in Nov 2024
- Should I report my US salary for January, February, March in Schedule FA?
- 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
- Strategical investment in Public listed company
Trending Online Classes
CAclubindia
