08 November 2012
As per Expert Advisory Committee, advance paid in foreign currency for acquisition of fixed assets is a non-monetary item and not required to be restated at end of the year as per AS-11.
http://220.227.161.86/eac/eacfinal/vol28/37.html
My query is whether advance received from buyer for supply of finished goods will also be treated like a non-monetary item same as advance paid to supplier? And if it is non-monetary item, I guess it is not required to be restated as per AS 11.
CAclubindia
