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As-11 advances to foreign suppiler as on balance sheet date
Whether an advance with the foreign supplier as on balance sheet date is to restated in terms of AS-11 using the exchange rate on balance sheet date.
Payments are made in us $.
Kindly assist on the above.
Thanks in advance.
Replies (2)
If the Advance against supply or imports is material, then U need to restate balance of such foreign supplier as per AS-11 by debiting or crediting Exchange Gain or Loss.
Dear Sir,
it should be re-instate, also you need to re-instate employee advance given to employees for foreign travelling.
if its not material or nominal change you can ignore it.
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