Accounting Treatment for Inports

This query is : Open

CA Shraddha Bankar (Querist)
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25 February 2011 What exchange rate to be considered for booking the import purchases ? Whether rate on date of Bill of Entry or Date of Invoice or Date of Bill of Lading ?

PINKESH JAIN

PINKESH JAIN (Expert)
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25 February 2011 There is no specific provision regarding this in AS 11.
You have an option to take any of these rates. but your should have a consistant policy as per AS 1
You can take either rare on the date of BOE, or date of Invoice, or Date of Payment.