Average rate under AS 11
This query is : Resolved
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?
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?
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.
Message likes :
1 times
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
- CAPITAL GAIN REDEVELOPED FLAT
- CLOSING STOCK QUERY
- Requirement under FEMA &RBI
- REGARDING ITR FILING QUESTION
- ITC BENEFIT ON BROKRAGE PAID
- TDS refund Indemnity Bond
- DUE DATE FOR ITR FILING
- Query regarding TDS on EPFO Higher Pension Arrears- under wrong section
- GST ISD Query on various AMCs
- Technical Glitch in ITR-4 Online Form (AY 2026-27): Sec 44AE Partner Remuneration not mapping to E8
- Concept of Vendor and customner reconciliation
- Mistake in e-invoice identified after 24 hours
- EXPORT PAYMENT
- NRI ITR2 account in 2025-26.
- Query regarding reporting of exempt foreign remuneration in ITR (AY 2026-27)
- FEMA/RBI treatment — Amazon.ca arbitrage (US buy, Canada sell, goods never enter India)
- Goods return by customer
- INWARD REMITTANCE FOREIGN
- CPC and SAC
- Account freezed for Ineligible ITC Scrutiny for GST Annual Return
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
