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Which rate to be used for conversion of foreign currency loans at closing date sbi tt sell or bill sell rate

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Querist : Anonymous

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Querist : Anonymous (Querist)
28 November 2013 sir
during the audit the auditee's finance deptt converted loan o/s in $ @ the sbi's billssell rate & book the erv accordingly. is it right step or should be booked at ttsell rate. Secondly the other department book the foreign consultancy income at ttbuy rate of sbi.
pls guide me ty & regards
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CS,CA F,Numrologi TusharSampat

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CS,CA F,Numrologi TusharSampat (Expert)
28 November 2013 It is correct treatment as per AS 11.
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Querist : Anonymous

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Querist : Anonymous (Querist)
28 November 2013 my query basically is which one rate to choose sbi Bill sell rate or TT sell rate.
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