Director report-foriegn exchange earnings & outgo
This query is : Resolved
03 November 2012
The disclosure of Foreign exchange earnings and outgo (total foreign exchange used and earned), how we need to disclose the figures i.e either on accrual basis or on payment basis.
03 November 2012
1) Foreign exchange earnings should be disclosed on accrual basis since company has to follow accural concept of accounting.
2) Foreign exchange out go also on accrual basis , on the above reasoning,except for dividend were in disclosure is required for remittance,meaning thereby cash basis, vide clause 5 (viii)(d) of 'General Instructions For Preparation of Statement of P& L' as per revised schedule VI of the Companies Act,1956.
2) Foreign exchange out go also on accrual basis , on the above reasoning,except for dividend were in disclosure is required for remittance,meaning thereby cash basis, vide clause 5 (viii)(d) of 'General Instructions For Preparation of Statement of P& L' as per revised schedule VI of the Companies Act,1956.
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