Icds- year end export debtor revaluation
This query is : Resolved
01 January 2016
as per ICDS :- I know that forward contract outstandings cannot be revalued (as notional). But my question is, waht about that export debtor?
to be exact, i ask below:-
1) export debtor not covered by forward contract --> can revalue as on year end rate.
2) export debtor which covers a forward currency contract with bank --> can revalue as on year end rate or cannot revalue that debtor?
in short, cant we revalue export debtors ?
thanks, kunjan@canaresh.com , www.CAnaresh.com
as per ICDS :- I know that forward contract outstandings cannot be revalued (as notional). But my question is, waht about that export debtor?
to be exact, i ask below:-
1) export debtor not covered by forward contract --> can revalue as on year end rate.
2) export debtor which covers a forward currency contract with bank --> can revalue as on year end rate or cannot revalue that debtor?
in short, cant we revalue export debtors ?
thanks, kunjan@canaresh.com , www.CAnaresh.com
01 January 2016
i thikn export debtor has to be revalued as on year end rate being monetary item (whether its under forward contract or otherwise).
01 January 2016
if possible, throw some light on export debtor under forward currency contract.
02 January 2016
1. Export Debtors : Being Monetary Items are to be revalued at the year end rate.
2. Export Debtors covered under Forward currency contract-
A. Export Debtors -As per 1 above.
B. Forward currency contracts - to be treated separately as per Para 11(1) of the ICDS VI.
2. Export Debtors covered under Forward currency contract-
A. Export Debtors -As per 1 above.
B. Forward currency contracts - to be treated separately as per Para 11(1) of the ICDS VI.
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