banner_ad

exchange rate for export sales

This query is : Resolved 
Profile Image

Profile Image

(Querist)
09 June 2010 As per AS-11,exchange rate for any transaction should be the rate on the transaction date.But many don't adhere to this rule. i.e they either take the rate mentioned in shipping bill or book sales as per payment advice recd from bank & thus no question of exchange gain or loss.This is because either they are not aware or find it difficult to get the rate as on transaction date.So how should we verify that the rate is of the transaction date ? What sources or proof is available as an auditor to verify the transaction rate?
Profile Image

Kariyappa

Profile Image

Kariyappa (Expert)
10 June 2010 As per auditing rules auditors varifive to the transaction rate should be sales date . Its taken from Exim rate (www.exim.net) or shipping bill
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now


CCI Pro
Join CAclubindia WhatsApp Finance Community & stay updated with the latest TAX news, compliance alerts and important updates all in one place!


Similar Resolved Queries


loading


Unanswered Queries


banner

Trending Online Classes

view all classess

CCI Pro
Meet our CAclubindia PRO Members
Subscribe Now

Follow us
add to google news



Answer Query



Quick Links



Browse by Category




Latest Job Openings

View all
Company
19 May 2026
Article, CA & Paid Assistant Positions

Aggarwal Sarawagi and Co

New Delhi

CA

View Details
Company
14 May 2026
Financial Analyst - Remote Finance Expert

HiringBridge

Ahmedabad

CA

View Details
Company
22 May 2026
U.S. Financial Reporting & Consolidation Manager

Karia Overseas

Ahmedabad

CA

View Details
Company
03 May 2026
Senior Chartered Accountant

Nirmal Jain & Co

New Delhi

CA

View Details
Company
27 May 2026
Audit Assitant

Virender K Gupta and Co

New Delhi

B.Com

View Details
Company
Featured 28 May 2026
SEMI QUALIFIED/ CA DROPOUTS/ ARTICLES

T R SOOD & CO

New Delhi

CA Inter

View Details
Company
23 May 2026
Account Executive

SMJ global advisors pvt ltd

New Delhi

B.Com

View Details
Company
Featured 27 May 2026
Lead Conversion Executive / Sales Closing Executive

SMJ global advisors pvt ltd

New Delhi

B.Com

View Details