As 11 query_foreign currency advance restatement
This query is : Resolved
10 July 2012
I have paid in 2012 advances to my vendor last year for supplying of materials.But the material has not yet been supplied by vendor till the end of the year 2012.
Can i restate the amount paid in closing foreign currency rate for closing my books of accounts for the year ended March 2012.
Dear Experts i need the help urgently.
Can i restate the amount paid in closing foreign currency rate for closing my books of accounts for the year ended March 2012.
Dear Experts i need the help urgently.
11 July 2012
Advance against delivery of Goods and no refund, is not a Monetary liability under AS 11.
Thus it should not be Marked to market.
However, there is an EAC on the topic where they have concluded that it should be Mark to Market.
You may note that EAC is not binding on the auditors and hence you may choose not to restate the advance at balance sheet date.
Above is true only if there is no possibility of refund.
However auditors may take a different stand.
Thus it should not be Marked to market.
However, there is an EAC on the topic where they have concluded that it should be Mark to Market.
You may note that EAC is not binding on the auditors and hence you may choose not to restate the advance at balance sheet date.
Above is true only if there is no possibility of refund.
However auditors may take a different stand.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- DELIVERY GOLD & SILVER AND OTHER ETF TRADING PROFIT AS BUSINESS INCOME
- GSTR-1A How to update Invoice
- Excess salary payment.
- 3cd- cash system of accounting is allowed?
- Provision for loans that are under Revenue Recovery
- Form 121-contradictory opinions
- APPLICABILITYOF GST ON STUDENT HOSTEL FEES
- Current Account Opening for Sole Proprietorship with Udyam Certificate - Zero Turnover
- Stamp Paper for partnership firm change new income tax 2025
- TDS on Purchase of Immovable Property by NRI from NRI
- Cash gift by grand mother to her grand daughter
- Tax amount diff in Gstr1 and 3B in tax compare reports
- Tds on GST in connection with sale to public company
- Restoration of certificate of practice
- Regarding change in correspondence address in SSP portal
- No Compliences after incorporation
- USEFUL LIFE OF USED/SECOND HAND COMMERCIAL VEHICLES
- Claiming TDS deducted by builder on Hardship compensation and Corpus
- Address Change to another state of a Registered Trust with 12AB approval
- Updated return in budget 2026
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
CAclubindia
