Restatement of foreign creditors
This query is : Resolved
NILESH J BISANI
(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?
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
(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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