Accounting Treatment for Inports
This query is : Open
CA Shraddha Bankar
(Querist)
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 ?
PINKESH JAIN
(Expert)
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.
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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