07 April 2022
What about UPAS LC? Should it be required to book the UPAS payment in the book as well? UPAS payment is not in our control. Confirming Bank discounts the bill with some other banks and disburse the payment to beneficiary. LC liability lies with confirming bank until it matures. And upon maturity if i do not book the liability to to my book, will that be a problem which may trigger restatements of the previous accounts?
CAclubindia
