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Average rate under AS 11

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Ravindra (Querist)
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12 February 2009 What is average rate under AS 11? In case of huge fluctuations in exchange rate during a month can we adopt daily rates ?
Whether it is correct to adopt daily rates for transactions which are not voluminous and adopt custom rate to transactions which are voluminous (in case of huge fluctuation during that particular month) as per AS 11 ? If yes how to disclose in notes on accounts?

Bhaskaran Chackrapani Warrier

Bhaskaran Chackrapani Warrier (Expert)
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12 February 2009 Average rate, as u know, is the mean of exchange rates in force during a period. Usually it is taken as the arithmetical average of opening and closing rates.

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