Dear Experts,
If advance received in USD and now service is not going to be rendered, whether the same amount needs to be revalued following the AS-11??
if USD, GBP lying on hand as on 31st March,2016 whether the same should be revalued at spot rate of 31st March or not.
Please suggest
iam not sure...any advance received from customer is shows under the head of current liabilities. as per As11 all the current liabilities should be revalued at end of year to show the liabities market value of the
CAclubindia
