Please tell me whether the conversion of monetary items in the Balance sheet like debtors are to be made at RBI rates compulsorily( at the balance sheet date)? or can we go for CBEC rates? Answer to be given in reference to AS 11. Thank You..
rounak14 (student) (30 Points)
16 August 2013Please tell me whether the conversion of monetary items in the Balance sheet like debtors are to be made at RBI rates compulsorily( at the balance sheet date)? or can we go for CBEC rates? Answer to be given in reference to AS 11. Thank You..
CA Ganesh Agarwala
(Audit Senior Manager)
(239 Points)
Replied 16 August 2013
brother it can be made at market rate.... as 11 tells to convert it using closing rate... thats it
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