Is AS 11 applicable for expenditure incurred on foreign travel in foreign currency.
sarwamangla reddy
(CA final year student)
(53 Points)
Replied 03 April 2008
friend its applicable we have to take the average rate of exchange for the p&l items. since travelling exp is an indirect exp which comes in p&l a/c we have to take average rate of exchange i.e.exchange rate as on 1.4.07 & rate as on 31.3.08
Bye,
C.rajesh
(Articles)
(1392 Points)
Replied 03 April 2008
yes it is correct. every expediture should be converted. in the same way the travelling expenses can also be converted by average rate
Landmark Judgments: Important Provisions of the EPF & ESI Act interpreted by the Honorable Supreme Court of India
CAclubindia
