closing rates
This query is : Resolved
09 April 2010
dear experts,
i want to know that which exchange rate should be used for revaluation of foreign Debtors & creditors for quater end as per indian accounting standard, whether it would be closing rate of SBI or RBI or FEDAI?
please reply at the earliest.
thanks
i want to know that which exchange rate should be used for revaluation of foreign Debtors & creditors for quater end as per indian accounting standard, whether it would be closing rate of SBI or RBI or FEDAI?
please reply at the earliest.
thanks
10 April 2010
In my opinion, you should take the RBI reference rate.
10 April 2010
Can you provide any ref from accounting standard?
10 April 2010
Can you provide any ref from accounting standard? in Income tax i read SBI rates have been referd. cant we take that?
10 April 2010
you should use as-11 for this purpose.there is nowwhere mention in as-11 that u should use rbi&sbi rate. u can use oany one. there is normal business practice most of the concerns use rbi rate.
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