while valuing the Creditors at the end of the financial year at the closing rates of currency the company reports a foreign exchange loss , wat wud b the effect of this loss on the o/s balance of creditors , will it b added to their balances nd then shown in the b/s ?
06 November 2009
Pl see companies (Accounting Standards) Amendment Rules,2009 in the following link. https://www.caclubindia.com/notice_circulars/notice_list_detail.asp?notice_id=1918
what happens if the asset or liability is not a long term foreign currency monetary item. as creditors is a current liability and in most of the cases the age og a creditor is far less than 12 months.
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