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        Case ID :
        Income Tax

        How to recognise the exchange difference In respect of transactions that are settled beyond the end of the previous year.

        30 August, 2017

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        Manual - ICDS VI : Effects of Changes in Foreign Exchange Rates

        In respect of transactions that are settled beyond the end of the previous year, AS 11 provides that the exchange difference is to be recognised in each intervening period up to the date of final settlement.

        For example, if a monetary item (debtor) is accounted for ₹ 100 and is settled subsequently after 3 years for ₹ 120, the exchange gain or loss on settlement or conversion would be accounted and treated as income or expense (except in case of such items relating to non-integral foreign
        operations).

         

        Exchange difference recognition requires periodic recognition until final settlement, treated as income or expense for monetary items. Exchange differences on monetary transactions settled after the end of the previous year must be recognised in each intervening period up to final settlement, with exchange gain or loss on settlement treated as income or expense, except for items relating to nonintegral foreign operations.
                        Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
                          Provisions expressly mentioned in the judgment/order text.

                              Exchange difference recognition requires periodic recognition until final settlement, treated as income or expense for monetary items.

                              Exchange differences on monetary transactions settled after the end of the previous year must be recognised in each intervening period up to final settlement, with exchange gain or loss on settlement treated as income or expense, except for items relating to nonintegral foreign operations.


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