Can anyone tell me with reason why fixed asset are foreign currency non-monetary item as per AS 11?
Anup A Deshpande
(Freelancer)
(77 Points)
Replied 04 September 2015
Monetary assets are money held and assets to be received or paid in fixed or determinable amounts of money.
It means the right to receive is fixed or determined in terms of units of currency. Eg. Debtors, Loan given.
Fixed Asset are not held exploitation and not for sale in ordinary course of business hence they are considered as Non-monetary
GSTR 9 and 9C for FY 23-24 as amended by Notification 12/2024 dated 10th July 2024(with recording)
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