Muthu Aravind (Article) (188 Points)
25 June 2008PLZ guide me...........xchange differences arising on repayment of liabilities incurred for the purpose of acquiring fixed assets, which are carried in terms of historical cost, should be adjusted in the carrying amount of the respective fixed assets or not ?
N V S Pawan Kumar
(student)
(113 Points)
Replied 25 June 2008
There was a controversy on this issue between Companies Act and accouning standard 11. While schedule VI said that the forex diff should be adjusted with the cost of the asset, AS advised to treat it in p/l account.
As per the latest information I have the controversy was resolved and it has been decided that the forex diff will be treated in P/l.
You may refer to any latest AS book (MP vijaykumar)
GSTR 9 and 9C for FY 23-24 as amended by Notification 12/2024 dated 10th July 2024(with recording)
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