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As -11

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(Querist)
21 June 2013 What should be the treatment of Advance given to a foreign supplier on 30.01.2013 and is still outstadning as advance on 31.03.2013 under AS 11 ? should it be revalued with closing rate of $ on 31.03.2013
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Bhaskaran Chackrapani Warrier

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Bhaskaran Chackrapani Warrier (Expert)
21 June 2013 Being a 'monetary item', closing rate (rate as on 31/03/2013) has to be adopted.
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