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Foreign currency accounting
Which rates should be considered for accounting Sales & purchases in Foreign currency? Do we need to consider TT selling & TT buying rates for that date of invoice or we can account both as per RBI Base rate? From where do we take Forex rates ?
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As per AS-11 you can account any rates while recognising an initial transaction while recording a monetary item transaction you can apply TT BUYING RATE,TT SELLING RATE,RBI RATE etc you can also apply averaage rate but while at the year end 31.3 you have to apply only closing rate whiile reinstating the outstanding creditors
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