https://www.taxtmi.com/notifications?id=24110 The amendment permits an enterprise to make an irrevocable retrospective election to capitalize exchange differences on long term foreign currency monetary items: those related to acquisition of depreciable capital assets may be added to or deducted from asset cost and depreciated over the asset's balance life; others may be accumulated in a Foreign Currency Monetary Item Translation Difference Account and amortized over the balance period of the long term item, not beyond the transitional end date. Previously recognized differences for qualifying periods must be reversed and adjusted to general reserve, and disclosure of the election and unamortized amount is required. en-us Tue, 31 Mar 2009 00:00:00 +0530 Thu, 30 Jun 2011 10:05:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/notifications?id=24110 The amendment permits an enterprise to make an irrevocable retrospective election to capitalize exchange differences on long term foreign currency monetary items: those related to acquisition of depreciable capital assets may be added to or deducted from asset cost and depreciated over the asset's balance life; others may be accumulated in a Foreign Currency Monetary Item Translation Difference Account and amortized over the balance period of the long term item, not beyond the transitional end date. Previously recognized differences for qualifying periods must be reversed and adjusted to general reserve, and disclosure of the election and unamortized amount is required. Notifications Companies Law Tue, 31 Mar 2009 00:00:00 +0530 https://www.taxtmi.com/notifications?id=24110