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Forex-advance payment

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Querist : Anonymous

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Querist : Anonymous (Querist)
22 May 2015 If a payment is done in advance in foreignt curency for supply of material, but material is not yet received neither inovoice booked till 31th March 2015.(Only payment done)
Is it compulsory to consider loss or profit due to fluctuation in FOREX till 31th March?
Kindly guide me!
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CA R SEETHARAMAN online

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CA R SEETHARAMAN online (Expert)
22 May 2015 Against this advance you are going to receive material so no loss or profit fluctuation need to be accounted at the year end.

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