Foreign exchange loss/gain if payment done in foreign curren
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
12 January 2014
Dear Expert,
We are having import /export both.
Since to some of our import purchase parties we are paying them in $ only. My question to you is whether at the time of payment should I booked foreign exchange difference under AS -11 if rate of purchase is different then rate at the time of payment.
We are having import /export both.
Since to some of our import purchase parties we are paying them in $ only. My question to you is whether at the time of payment should I booked foreign exchange difference under AS -11 if rate of purchase is different then rate at the time of payment.
12 January 2014
Yes. All foreign exchange fluctuations to be recorded as per guidelines laid under AS 11
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