CIF value declaration in Notes To Accounts

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PALLAV GARG (Querist)
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29 April 2010 What is the purpose of declaring "CIF value" in notes to accounts in Annual Report of companies.
What should be the exchage rate of imports ?

CA Sanjay Jha

CA Sanjay Jha (Expert)
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29 April 2010 in notes to account auditor have duty bound to disclose true and fair presentation.

So If a auditor present Import value in CIF value* Exchange rates that present fair disclosere

PALLAV GARG

PALLAV GARG (Querist)
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04 May 2010 But what is the relation of "CIF" value in "True and Fair" view presentation ? I think it is due to some other requirement.

I have three exchange rates 1-Closing rate , 2-Transaction Rate , 3- Invoice Date Rate. Which one is to be taken ?

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