While valuing closing stock of imported raw material, can we consider the exchange rate on the Balance Sheet Date.
Meaning can we revalue the stock in the same way as creditors ? vide AS - 11
Dilip
(chief Accounts Officer)
(79 Points)
Replied 05 August 2009
you have to follow a common procedure for stock valuation every year.
if you change your stock valuation procedure, an additional report has to submitted by the c.a. in the audit report.
CAclubindia
