Dear All,
Please let me know the applicability of AS -11 for the agreement enetered betwwen two Indian parties in Foreign currency.
2 Replies
sivaram
(Asst Mgr-Taxation)
(6918 Points)
Replied 10 November 2011
AS-11 applicable for Initial recognition of recording a transaction in Foreign currency,subsequent recognition,Foreign operations both integral and Non Integral and Forward Contracts .After 1.4.2011 Forward Contracts are covered in AS-30 and removed from AS-11
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