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As-11

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Querist : Anonymous

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Querist : Anonymous (Querist)
04 June 2012
Will the exchange fluctuation be booked on the advance payment received from a foreign debtor?

Also tell,
Advance Payment received of 100$ @ Rs. 50/$
Sale made of 100$ @ Rs. 52/$ (rate of $ on the date of sale),
what is the booking rate of $ at the time of sale booking?
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Sanjay Chauhan (IFRS)

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Sanjay Chauhan (IFRS) (Expert)
04 June 2012 Excerpt from AS 11:

9. A foreign currency transaction should be recorded, on initial recognition in the reporting currency, by applying to the foreign currency amount the exchange rate between the reporting currency and the foreign currency at the date of the transaction.
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Hence sale is to be recorded at 52.

balance goes as exchange fluctuation.
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