Exchange rate difference
This query is : Resolved
26 August 2014
Sir,
Is it right to include exchaange rate difference in turnover in case of firms and individual P & L preparation during audit??
Is it right to include exchaange rate difference in turnover in case of firms and individual P & L preparation during audit??
27 August 2014
No. it is incorrect to disclose exchange fluctuations in turnover. sales has to be reported at the rate prevailing on billing date. Any impact on further changes in currency rate needs to be taken as expense / income to PL.
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