Clarification on Para 46A of notification number G.S.R. 914(E) dated 29-12-2011 on Accounting Standard 11 relating to “The effects of Changes in Foreign Exchange Rates”Online GST Certification Course by TaxGuru & MSME- Click here to Join
Circular No. 25/2012, dated 9-8-2012
The Ministry has received several representations from industry associations that para 6 of Accounting Standard-11 and para 4(e) of AS-16 are posing problems in proper implementation of para 46A of notification 914(E) dated 29-12-2011. In order to resolve the problems faced by industry, it is hereby clarified that para 6 of Accounting Standard-11 and para 4(e) of the Accounting Standard-16 shall not apply to a company which is applying clause 46A of Accounting Standard-11.