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Restatement of foreign creditors

This query is : Resolved 
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(Querist)
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?
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CA. Sunil Kumar

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CA. Sunil Kumar (Expert)
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

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NILESH J BISANI (Querist)
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...
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