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AS11 - Monetary asset / liab classification

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(Querist)
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?
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Kedar Pande

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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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