Latest Expert Exchange Queries
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) | Service Tax | Sales Tax | Placements & Empanelment | Various Acts & Rules | Latest Circulars | New Forms | Forex | Auditing | Direct Tax | Customs and Excise | ICAI | Corporate Law | Markets | Students | General | Indirect Tax | Mergers and Acquisitions | Continuing Prof. Edu. | Budget Extravaganza | Transfer Pricing
 
 
 
 
Popular Search: list of goods taxed at 4% :: VAT Audit :: empanelment :: articles on VAT and GST in India :: ACCOUNTING STANDARDS :: due date for vat payment :: ACCOUNTING STANDARD :: TAX RATES - GOODS TAXABLE @ 4% :: Central Excise rule to resale the machines to a new company :: VAT RATES :: form 3cd :: cpt :: TDS :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: ARTICLES ON INPUT TAX CREDIT IN VAT
 
 
ICAI »
 Constitution of Group to consider the entire structure to study circles, exploring ways and means to obtain independent PAN, TAN, Service Tax registration
 Group for formulating Foreign Travel Policy of the Institute
 Register for Webinar Organized By CPA Ontario in Association with Canada (Toronto) Chapter of ICAI on March 15, 2017.
 CPE Events 20th February - 25th February 2017
 Regarding Empanelment of professionals having at least fifteen years of continuous practice as a Chartered Accountant with RD MCA as Mediator or Conciliator for the year 2017-2018
 Extension of the Last date for submission of online application for empanelment of Chartered Accountants firms/LLPs with O/o C&AG for the year 2017-18.
 CPE Events 13th February - 18th February 2017
 ICAI elects New Torch-Bearers for the year 2017-18
 Condonation of Breach of Regulation 65 & 78 - Non submission of Form 112
 Exposure Draft of the Ind AS-compliant Schedule III to the Companies Act, 2013, for Non-Banking Financial Companies (NBFCs) (Comments to be received by March 6, 2017)
  Post Qualification Course in International Taxation - Assessment Test (INTT-AT)-May, 2017 Application Form

ICAI makes changes in norms for reporting forex gains, losses
April, 03rd 2013

Accounting regulator ICAI has made it mandatory for companies to report foreign currency gains and losses separately in their financial statements, a move that will make it difficult for firms to dress up numbers.

Companies will now have to separately state the impact of foreign exchange fluctuations in their balance sheets.

An accounting expert said the move will ensure that forex related losses would be recorded only in the Balance Sheet and not in the Profit & Loss Account of a company.

"This (change) will help a reader of the financial statement understand as to how much impact the foreign currency has had on the company," Institute of Chartered Accountants of India (ICAI) President Subodh Kumar Agrawal said here Tuesday.

The move will help avoid divergence in accounting and bring more transparency in reporting of numbers.

From now on, companies should show the Foreign Currency Monetary Item Translation Difference Account (FCMITDA) separately, under which they have to show foreign currency fluctuations "under the 'Equity and Liabilities' side of the balance sheet under the head 'Reserve and Surplus'.

According to accounting watchdog ICAI, the move is based on the premise that foreign currency translation loss is neither a resource nor any future economic benefit would flow to the entity from there.

The changes have been approved at ICAI's recent council meeting.

Further, ICAI has suggested changes in reporting of gains or losses with regard to hedging instruments related to long term foreign currency items.

ICAI has said that "exchange difference related to the hedging instrument obtained to cover the exchange risk" on long term foreign currency monetary item should also be separately shown in the balance sheet.

The suggestion is being sent to the National Advisory Committee on Accounting Standards (NACAS).

 
 
Home | About Us | Terms and Conditions | Contact Us
Copyright 2017 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Organic SEO Outsourcing Organic Search Engine Optimization Outsourcing Organic Website SEO Organic SEO India Website SEO India Organic Search Engine Optimization India Organic Internet SEO India Organic Web

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