Applicability of as 11 on advance payament received against
This query is : Resolved
N.S.NAGARAJ
(Querist)
25 September 2015
my query is whether AS 11 is applicable to advance payment (50% advance )received against exports to made.
RahulMehta
(Expert)
25 September 2015
Revaluation of all financial/monetory items need to be done at every reporting date as per AS-11.
Exchange difference on advance amount is to be transferred to P/L
Exchange difference on advance amount is to be transferred to P/L
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