Hi i want to know that ,at the end of the financial year ,that foreign debtors to be revised as per the exchange rate on year end.is there any provision in AS 11
Sangam
(CA)
(1329 Points)
Replied 28 July 2009
ya.. sundry debtors r to b reported using closing rate as per as-11
if closing rate is unrealistic den avg. rate to b used.
CA Akshat
(article)
(422 Points)
Replied 01 August 2009
and the difference between debtors original rate and closing rate will be transferred to profit and loss account in foregin exchange gain or loss
chirag
(article)
(27 Points)
Replied 17 May 2010
hi i wanted to ask what do you mean by closing rate..??
vivek
(articleship)
(35 Points)
Replied 18 May 2010
As it is being monetary asset, it will be restated using the closing buying exchange rate given by RBI.
Analysis of 20 GST Notices (including 2 Appeals) and Practise on Drafting(with recording)
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