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Note 5 - Other Comprehensive Income & Foreign Currency
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6 Months Ended |
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Dec. 31, 2011
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| Comprehensive Income (Loss) Note [Text Block] |
NOTE
5 – OTHER COMPREHENSIVE INCOME & FOREIGN
CURRENCY:
The
accounts of NetSol UK, 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
and Abraxas uses the Australian dollar 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 are classified as an item of accumulated
other comprehensive loss in the stockholders’ equity
section of the consolidated balance sheet were $9,964,572 and
$8,805,922 as of December 31, 2011 and June 30, 2011
respectively. During the six months ended December 31, 2011
and 2010, comprehensive loss in the consolidated statements
of operations included translation gain of $610,810 and
$515,139 respectively.
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