Is there any discrepancy if I use opening exchange rate of 30.06.2014 for forex revaluation of monetary items of company's balance sheet?
3 Replies
JAINENDRA JAIN
(ACS/CA)
(1668 Points)
Replied 03 July 2014
no,if the balance sheet is preprered as on 31.03.2xxx than you need to take the rate of 31st march only.
CA. Mayur
(Service)
(147 Points)
Replied 04 July 2014
Standard is very clear that monetary items should be reported using closing rate on reporting date. So I dont think using opening exchange rate is correct
VIKASH KUMAR JAIN
(Audit Executive)
(711 Points)
Replied 06 July 2014
Use rate as on reporting date.If reporting currency is different from operating currency.AS~11, sugggest to take rate as on balance sheet date.
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