Foreign currency accounting
Dileep (Accountant) (82 Points)
28 March 2017Dileep (Accountant) (82 Points)
28 March 2017
sivaram
(Asst Mgr-Taxation)
(6918 Points)
Replied 28 March 2017
As per AS-11 you can account any rates while recognising an initial transaction while recording a monetary item transaction you can apply TT BUYING RATE,TT SELLING RATE,RBI RATE etc you can also apply averaage rate but while at the year end 31.3 you have to apply only closing rate whiile reinstating the outstanding creditors
Live Course on Invoice Management System (IMS) - 2nd Batch(With Recording)