While valuing closing stock of imported raw material can we take the exchange rate used for restating creditors
N V Ram
(Manager)
(272 Points)
Replied 30 July 2009
No my question was whether i can restate the stock in the same way as creditors, meaning i have valued the stock of imported item based on exchange rate on date of purchase, can i revalue this stock based on exchange rate on 31.03.09 given by bank
N V Ram
(Manager)
(272 Points)
Replied 30 July 2009
Can you confirm whether it is mentioned in AS-2?
CAclubindia
