25 February 2011
What exchange rate to be considered for booking the import purchases ? Whether rate on date of Bill of Entry or Date of Invoice or Date of Bill of Lading ?
25 February 2011
There is no specific provision regarding this in AS 11. You have an option to take any of these rates. but your should have a consistant policy as per AS 1 You can take either rare on the date of BOE, or date of Invoice, or Date of Payment.
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