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Commodity Transactions

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(Querist)
08 June 2011 Our client which is a manufacturing company is doing commodity transactions through MCX such as 150 kgs SILVER(March 11), 2 lot GOLD(April-11),etc. Are such transactions future contracts? How should these transactions be accounted for in books? Is AS 30 applicable?

Please help

Thanks
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CA Sumat Singhal

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CA Sumat Singhal (Expert)
09 June 2011 Although such contracts are derivative in nature and derivatives contacts come within perview of AS 30 but this AS excludes commodity derivatives from its perview....
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