My client is exporter and he does not have any branch in foreign.He has foreign Debtors at the end of reporting period. Client have domestic sales also and it takes substantial part than Export sales. Does AS-11 The effects of Foreign Currency transactions apply? i.e does we have need to convert such foreign debtors at closing rate?..
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As-11
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Yes, AS-11 is applicable to every company and every business, commercial & industrial activities preparing general purpose financial statements.
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