Saliq Ansari (CA_Final Student) (885 Points)
24 November 2013A Private Limited Company, having advance in foreing currency against sales, The said advance is outstanding for more than 18 months in the balance sheet, The exchange loss arising on the monetary items is around Rs. 5 lakhs, can the company excercise the option available under para 46 of the AS 11.
Kindly Comment
V.MASTHANVALI
(ACCOUNTS EXECUTIVE)
(89 Points)
Replied 26 November 2013
Definitely.. the same can be accounted as foriegn exchnage losses as per AS-11.
Saliq Ansari
(CA_Final Student)
(885 Points)
Replied 26 November 2013
V.MASTHANVALI SIR
My question is whether the loss arising could be transfered to the Foreign Currency Monetary Items Translation Difference Account (FCMITDA) as per para 46 of the AS 11.
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