AS 11
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
04 June 2011
As per AS 11 Foreign curreny transaction should be converted in reporting curreny which exist on date of transaction.
Now, in a company
Asset is received on 01-08-2010
Date of installation is 07-08-2010
Date in which assets is booked- 01-03-2011 in books.
Rate of which date should be picked up for the purpose of conversion.
Now, in a company
Asset is received on 01-08-2010
Date of installation is 07-08-2010
Date in which assets is booked- 01-03-2011 in books.
Rate of which date should be picked up for the purpose of conversion.
04 June 2011
Converting into reporting currency means that in India, it has to be booked in Indian rupees. Date of payment should be taken as date for booking. The effect due to change in foreign currency to be taken to foreign currency gain/loss account, on the date of receipt, in case of advance payment. Otherwise date of receipt.
Querist : Anonymous
Querist :
Anonymous
(Querist)
04 June 2011
if my method of accounting is Accrual, then hw can i book the asset on date of payment ..........???
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