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Note 5 - Other Comprehensive Income & Foreign Currency
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6 Months Ended |
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Dec. 31, 2012
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| Comprehensive Income (Loss) Note [Text Block] |
NOTE
5 – OTHER COMPREHENSIVE INCOME & FOREIGN
CURRENCY:
The
accounts of NTE, VLSH and VLS use the British Pound; HAFL
uses the Euro; NetSol PK, Connect, and NetSol Innovation use
Pakistan Rupees; NTPK Thailand uses Thai Baht; Abraxas uses
the Australian dollar; and NetSol Beijing uses Chinese Yuan
as the functional currencies. NetSol Technologies,
Inc., and its subsidiaries, NTNA and Vroozi, use the U.S.
dollar as the functional currency. Assets and
liabilities are translated at the exchange rate on the
balance sheet date, and operating results are translated at
the average exchange rate throughout the
period. Accumulated translation losses classified
as an item of accumulated other comprehensive loss in the
stockholders’ equity section of the consolidated
balance sheet were $13,893,118 and $12,361,759 as of December
31, 2012 and June 30, 2012 respectively. During the six
months ended December 31, 2012 and 2011, comprehensive gain
(loss) in the consolidated statements of operations included
translation loss of $1,531,359 and a translation gain of
$610,810 respectively.
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- Definition
The entire disclosure for comprehensive income, which includes, but is not limited to, 1) the amount of income tax expense or benefit allocated to each component of other comprehensive income, including reclassification adjustments, 2) the reclassification adjustments for each classification of other comprehensive income and 3) the ending accumulated balances for each component of comprehensive income. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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