AS 11 Effects of changes in foreign exchange rates

Accounting Standards Based on Items Impacting Financial Statements

CA Intermediate · Paper 1
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4 videos
4 teachers
Length 28–124 min
1 practice scenario

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CA Aakash Kandoi
AS 11 Revision - Foreign Exchange Rates | CA Inter Advanced Accounts Revision | CA Aakash Kandoi
- 50 min video
- Suggested first
- Not reviewed yet
CA Inter by CA Vipul Dhall
AS 4 , 5, 11 , 22 Revision + Important Questions | CA Inter Advanced Accounting
- 119 min video
- Not reviewed yet
Spc Commerce 11th +12th CBSE
Advanced Accounting: AS 11-Effect of Change in Foreign Exchange Rates | CA Inter Unnati Batch
- 124 min video
- Not reviewed yet
CA Parveen Sharma
AS 11 Changes in Foreign Exchange Rates | Concepts & Quick Revision | CA Inter Advanced Accounting
- 27 min video
- Not reviewed yet

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by CA Aakash Kandoi · Not reviewed yet · Watch on YouTube · Report this video

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Scenario 1 of 1 · Chapter 7: Accounting Standards Based on Items Impacting Financial Statements

Scenario on Financial Statement Impacting Standards

Vidyut Electricals Ltd. finalized its accounts for the financial year ended 31st March 2025 on 30th May 2025. On 10th April 2025, a fire occurred at its main warehouse destroying inventory worth ₹25,00,000. Insurance recovered was ₹15,00,000 on 15th May 2025. On 15th January 2025, the company imported machinery worth $1,00,000 when the exchange rate was $1 = ₹80. As on 31st March 2025, the exchange rate was $1 = ₹83. The supplier was paid on 20th April 2025 when the rate was $1 = ₹85. The company depreciates machinery at 10% per annum on SLM basis for the full year. For FY 2024-25, accounting profit before tax was ₹50,00,000. Depreciation as per Income-tax Act, 1961 was ₹12,00,000 while accounting depreciation was ₹8,00,000. The corporate tax rate applicable is 30%.

1 / 4
How should the loss of inventory due to fire on 10th April 2025 be treated in the financial statements for the year ended 31st March 2025 under AS 4?
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What is the net foreign exchange difference to be recognized in the Profit and Loss Account for the year ended 31st March 2025 under AS 11 regarding the imported machinery?
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3 / 4
What is the Deferred Tax Liability / Asset to be recognized in the financial statements for the year ended 31st March 2025 under AS 22?
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What is the carrying amount of the imported machinery as on 31st March 2025 to be shown in the Balance Sheet?
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