banner_ad

AS 11 - Advance Remittances

AS 1291 views 1 replies

Whether advance foreign remittance (100% of the contract value) for import of materials will be a monetary or non-monetary item (as per AS 11 (revised 2003)) and whether it will be required to be reported at Closing Rate at the balance sheet date in case the materials are not received by march 31?

To my mind it is non-monetary item since though an asset, there is no amount of money which is to be received against it (as per defination of Monetary items), but what will be received are the materials.

Pl advice. Regards

Replies (1)

Examples for Non - monetary items are Fixed assets and Stock etc.

Examples for monetary items are Debtors, Cash and Bank Balance, Advances recoverable etc

In the above case the advance paid for material to be imported is monetary items. Closing rate to be applied for conversion.

 

regards,

Ramu 


CCI Pro

Leave a Reply

Your are not logged in . Please login to post replies

Click here to Login / Register  

Company
Featured 28 March 2026
Accountant

Ashok Amol & Associates

New Delhi

B.Com

View Details
Company
Featured 19 March 2026
Article Assistant

Gupta Sachdeva & Co. Chartered Accountants

New Delhi

CA Final

View Details
Company
Featured 28 March 2026
CA Final

Ashok Amol & Associates

New Delhi

CA Final

View Details
Company
Featured 14 April 2026
GST CONSULTANT

Abhishek G Agrawal & Co.

Korba

CA Final

View Details
Company
Featured 13 April 2026
GST CONSULTANCY

Abhishek G Agrawal & Co.

Korba

CA Final

View Details