Latest Expert Exchange Queries

GST Demo Service software link: https://ims.go2customer.com
Username: demouser Password: demopass
Get your inventory and invoicing software GST Ready from Binarysoft info@binarysoft.com
sitemapHome | Registration | Job Portal for CA's | Expert Exchange | Currency Converter | Post Matrimonial Ads | Post Property Ads
 
 
News shortcuts: From the Courts | News Headlines | VAT (Value Added Tax) | Placements & Empanelment | Various Acts & Rules | Latest Circulars | New Forms | Forex | Auditing | Direct Tax | Customs and Excise | ICAI | Corporate Law | Markets | Students | General | Mergers and Acquisitions | Continuing Prof. Edu. | Budget Extravaganza | Transfer Pricing | GST - Goods and Services Tax
 
 
 
 
Popular Search: ACCOUNTING STANDARD :: TDS :: ACCOUNTING STANDARDS :: empanelment :: cpt :: Central Excise rule to resale the machines to a new company :: form 3cd :: TAX RATES - GOODS TAXABLE @ 4% :: VAT RATES :: VAT Audit :: ARTICLES ON INPUT TAX CREDIT IN VAT :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: articles on VAT and GST in India :: due date for vat payment :: list of goods taxed at 4%
 
 
« ICAI »
 Committee for Capacity Building Members in Practice (CCBMP), ICAI initiative for prescribing the Revised Minimum Recommended Scale of Fees for the Professional Assignments done by the Chartered Accountants
 Pre-Budget Memorandum - 2018 Direct Taxes And International Tax
 ICAI submits Pre-Budget Memoranda-2018
 Four Weeks Residential Programme to be held from 29th January, 2018 to 25th February, 2018 at Centre of Excellence, Hyderabad for Women Participants only.
 Group for Refurbishing of ICAI Main & Annexe Buildings
 CPE Events 4th December - 9th December 2017
 President's Message - December 2017
 Draft Bank Branch Auditors’ Panel for the year 2017-18.
 CPE Events 27th November - 2nd December 2017
 Digital Accounting and Assurance Board of ICAI Online Survey 2017 is Now Open- Seeking Member's Input
 Zone-shifting of candidates of Common Proficiency Test (CPT) Scheduled to be held on 17th December, 2017 (Sunday)

Announcement on Insertion of new paragraph 46 in AS 11, The Effects of Changes in Foreign Exchange Rates, issued by The Institute of Chartered Accountants of India, for their applicability to entities other than companies.
February, 13th 2014
Insertion of new paragraph 46 in AS 11, The Effects of Changes in Foreign Exchange
Rates, issued by The Institute of Chartered Accountants of India, for their applicability
to entities other than companies



1.   The Ministry of Corporate Affairs, Government of India, inserted paragraph 46 by
     notification dated 31st March, 2009 which was subsequently modified in 2011 by
     notification dated May 11, 2011 and notification dated 29th December, 2011 and
     paragraph 46A in AS 11, inserted by notification dated 29th December, 2011, after
     paragraph 45 of AS 11 notified under the Companies (Accounting Standards) rules,2006.

2. The Council of the Institute of Chartered Accountants of India (ICAI) considered the
     proposal for providing the option available to the companies under paragraphs 46 and
     46A of AS 11 notified by the Ministry of Corporate Affairs to those entities to which the
     Accounting Standards notified under Companies Act, 1956 are not applicable. The
     Council decided that the options available under paragraphs 46 and 46A of AS 11
     notified by the Central Government be also made available to the aforementioned
     entities.




3. In view of the above, paragraphs 46 and 46A introduced in AS 11, modified from time to
     time, as applicable to companies, shall be deemed to be introduced in AS 11 issued by
     ICAI for entities to which the Companies Act is not applicable with effect from the
     accounting periods as stated in paragraph 1 above as follows:

     "46         (1)       In respect of accounting periods commencing on or after the 7th
                 December 2006, (such option to be irrevocable and to be applied to all such
                 foreign currency monetary items), the exchange differences arising on reporting
                 of long-term foreign currency monetary items at rates different from those at
                 which they were initially recorded during the period, or reported in previous
                 financial statements, in so far as they relate to the acquisition of a depreciable
                 capital asset, can be added to or deducted from the cost of the asset and should
                 be depreciated over the balance life of the asset, and in other cases, can be
                 accumulated in a "Foreign Currency Monetary Item Translation Difference
                 Account" in the enterprise's financial statements and amortised over the balance
                 period of such long term asset or liability, by recognition as income or expense
    in each of such periods, with the exception of exchange differences dealt with in
    accordance with the provisions of paragraph 15.

    (2)      To exercise the option referred to in sub-paragraph (1), an asset or
    liability should be designated as a long term foreign currency monetary item, if
    the asset or liability is expressed in a foreign currency and has a term of twelve
    months or more at the date of origination of the asset or the liability:




    Provided that the option exercised by the enterprise should disclose the fact of
    such option and of the amount remaining to be amortised in the financial
    statements of the period in which such option is exercised and in every
    subsequent period so long as any exchange difference remains unamortised."



 

 
 
Home | About Us | Terms and Conditions | Contact Us
Copyright 2017 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Binarysoft Technologies - Achievements

Transfer Pricing | International Taxation | Business Consulting | Corporate Compliance and Consulting | Assurance and Risk Advisory | Indirect Taxes | Direct Taxes | Transaction Advisory | Regular Compliance and Reporting | Tax Assessments | International Taxation Advisory | Capital Structuring | Withholding tax advisory | Expatriate Tax Reporting | Litigation | Badges | Club Badges | Seals | Military Insignias | Emblems | Family Crest | Software Development India | Software Development Company | SEO Company | Web Application Development | MLM Software | MLM Solutions