Whether we have capitalize the exchange gain or loss in term of capital equipment purchased from abroad.
2 Replies
Devendra
(Chartered Accountant)
(4775 Points)
Replied 05 October 2011
The exchange gain / loss has to be credited / debited to the Profit and Loss account. No need to capitalize.
Regards,
Devendra K
Bhaskar Unnikrishnan CPA CMA
(Accounts / Administration)
(414 Points)
Replied 06 October 2011
Exchange gains and loss is accounted in Other Comprehensive Income according to US GAAP. Under what head this comes under our Indian AS? Just Debit/Credit to P&L Account or under any specific head?
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