01 January 2016
as per ICDS :- I know that forward contract outstandings cannot be revalued (as notional). But my question is, waht about that export debtor?
to be exact, i ask below:- 1) export debtor not covered by forward contract --> can revalue as on year end rate.
2) export debtor which covers a forward currency contract with bank --> can revalue as on year end rate or cannot revalue that debtor?
in short, cant we revalue export debtors ? thanks, kunjan@canaresh.com , www.CAnaresh.com
02 January 2016
1. Export Debtors : Being Monetary Items are to be revalued at the year end rate. 2. Export Debtors covered under Forward currency contract- A. Export Debtors -As per 1 above. B. Forward currency contracts - to be treated separately as per Para 11(1) of the ICDS VI.
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