AS11 - Monetary asset / liab classification
This query is : Resolved
29 June 2009
Should the Amount received in foreign currency be classified as monetary liability and revalued at year end for unrealized forex gain / losses? Since the money has already come and will not be settled in cash (i.e will be settled through inventory sale), does it require to be revalued at year end?
Kedar Pande
(Expert)
29 June 2009
Ya it will have to be revalued if as on the balance sheet date the same is shown in adavance received from customers.
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