Restatement of foreign creditors

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NILESH J BISANI (Querist)
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18 June 2012 Should Advances given to creditors be reinstated as on 31st March. Creditors having debit balances as on 31st March should be reinstated?

CA. Sunil Kumar

CA. Sunil Kumar (Expert)
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01 July 2012 As per AS-11 all foreign currency monetary items should be reported using the closing rate. Hence Advance given to Creditors also required to be reinstated.

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NILESH J BISANI

NILESH J BISANI (Querist)
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24 July 2012 Is advance given to creditors a monetary item? My contention is that it is not a monetary item since we will not receive money...