S.HARIHARAN (EXECUTIVE) (73 Points)
27 October 2008HI
The ARE1 is prepared at rate specified rate given by the Customs department on monthly basis which is also basis for Shipping bill, but while accounting the invoices in Financial books, rates are adopted based on the Accounting standard (that Daily exchange rate) is what the clarification provided to me. Can anybody clarify on the accounting of Export invoices
S.Hariharan-Chennai
S.Srinivasaraghavan
(Chief Financial Officer and Co)
(11318 Points)
Replied 31 October 2008
The exports invoices have to be on the basis of exchange rates prevailing on the date of Bill of lading.
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