EASYOFFICE
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(Querist)
15 October 2008
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(Querist)
15 October 2008 Dear frnds,

Pls advise me whether the Foriegn exchange loss can be setoff against revaluation reserve?..??..?

If so whether it is perfect compliance of Accounting standards or any violation...

regards

Adithya
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Taxguy

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Taxguy (Expert)
16 October 2008 No, Revaluation Reserve is only for fixed assets.
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S.Srinivasaraghavan

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S.Srinivasaraghavan (Expert)
18 October 2008 Can not be set off.
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Deepak Agrawal

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Deepak Agrawal (Expert)
12 November 2008 NO IT CANNOT BE SET-OFF as revaluation reserve is non-cash profit...
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Guest

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Guest (Expert)
09 October 2009 Can not be set off, as both are different
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CA Siddhartha Bhardwaj

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CA Siddhartha Bhardwaj (Expert)
04 April 2012 As per AS 11 any gain or loss arising due to fluctuation in exchange rates has to be credited/debited to P&L Account.

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