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Exchange rate difference

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(Querist)
26 August 2014 Sir,
Is it right to include exchaange rate difference in turnover in case of firms and individual P & L preparation during audit??
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CA Kishore Tallam

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CA Kishore Tallam (Expert)
27 August 2014 No. it is incorrect to disclose exchange fluctuations in turnover. sales has to be reported at the rate prevailing on billing date. Any impact on further changes in currency rate needs to be taken as expense / income to PL.

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