23 April 2009
As per AS11 Initial recognition should be done at the rate of exchange prevailing on the "DATE OF TRANSACTION" What does the date of transations mean? For Export sales: at which rate sales to be recorded? 1.Rate on the date of sales bill 2.Rate on the date of Bill of lading
same for Import purchases: at which rate purchases to be recorded? 1.Rate on the date of purchase bill 2.Rate on the date of Bill Of entry
23 April 2009
Customs authorities will issue a notification at the end of each month what should be the rate of exchange for next month for imports and exports.
ie. March end they will issue notification for the rates for april and so on.
The rates given there should be applied for passing the entries in the books of accounts.
For rates refer the website of customs and go to notifications there you will get the rates.
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