https://www.taxtmi.com/notifications?id=14686 Provision permits an enterprise, for specified accounting periods, to irrevocably elect retrospective treatment for exchange differences on long term foreign currency monetary items: differences related to acquisition of depreciable capital assets may be added to or deducted from asset cost and depreciated over the asset's remaining life; other differences may be accumulated in a Foreign Currency Monetary Item Translation Difference Account and amortized over the remaining term but not beyond the transitional cutoff. Previously recognized profit and loss amounts must be reversed to asset cost or transferred to the Translation Difference Account with offset to general reserve, and disclosure of the option and unamortized amount is required. en-us Tue, 31 Mar 2009 00:00:00 +0530 Mon, 06 Apr 2009 11:34:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/notifications?id=14686 Provision permits an enterprise, for specified accounting periods, to irrevocably elect retrospective treatment for exchange differences on long term foreign currency monetary items: differences related to acquisition of depreciable capital assets may be added to or deducted from asset cost and depreciated over the asset's remaining life; other differences may be accumulated in a Foreign Currency Monetary Item Translation Difference Account and amortized over the remaining term but not beyond the transitional cutoff. Previously recognized profit and loss amounts must be reversed to asset cost or transferred to the Translation Difference Account with offset to general reserve, and disclosure of the option and unamortized amount is required. Notifications Indian Laws Tue, 31 Mar 2009 00:00:00 +0530 https://www.taxtmi.com/notifications?id=14686