CIF value declaration in Notes To Accounts
This query is : Open
PALLAV GARG
(Querist)
29 April 2010
What is the purpose of declaring "CIF value" in notes to accounts in Annual Report of companies.
What should be the exchage rate of imports ?
What should be the exchage rate of imports ?
CA Sanjay Jha
(Expert)
29 April 2010
in notes to account auditor have duty bound to disclose true and fair presentation.
So If a auditor present Import value in CIF value* Exchange rates that present fair disclosere
So If a auditor present Import value in CIF value* Exchange rates that present fair disclosere
PALLAV GARG
(Querist)
04 May 2010
But what is the relation of "CIF" value in "True and Fair" view presentation ? I think it is due to some other requirement.
I have three exchange rates 1-Closing rate , 2-Transaction Rate , 3- Invoice Date Rate. Which one is to be taken ?
I have three exchange rates 1-Closing rate , 2-Transaction Rate , 3- Invoice Date Rate. Which one is to be taken ?
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