Rate difference in foriegn transactions
This query is : Resolved
Satish K Sekhar.ACCA
(Querist)
19 February 2009
We import materials (a one off transaction for eg.)with rate of goods sttled on the basis of LME of a period subsequent to the receipt of goods, where we have to make a payment based on the invoiced being recieved by us along with the goods.
When the settlement is done subsequent to the payment, there would be normally difference to paid to the supplier or to be recovered from the supplier.
How these transactions are legally allowed to be handled
When the settlement is done subsequent to the payment, there would be normally difference to paid to the supplier or to be recovered from the supplier.
How these transactions are legally allowed to be handled
14 March 2012
Loss or gain arising on account of change in exchange rate shall be charged/credited to P&L Account as per AS 11.
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