16 August 2011
As per AS-11 FX losses on the date of B/sheet trfd to P&L account [difference between Rate on the date of transaction and Rate on the date of balance sheet taken to the P&L Account If transactin is not settled during the year]. In the next year FX difference (difference between rate on the date balancesheet and rate on the date of settlement) taken to P&L account of the year of settlement. If transaction settled in the same year then FX diff from date of transaction to the date of settlement taken to P&L account. In case of monetary items.
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