Dear Friends,
As per Indian AS, on which period we should evaluate the forex transactions for purchases, sales, long term loans?
During settlement, Monthly basis, Quarterly Basis or Year end?
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Forex Gain/Loss Valuation Accounting
Replies (1)
Under Ind AS 21, you must record transactions at the spot rate on the date of the transaction. Monetary items (like loans, receivables, and payables) must be re-translated at the closing rate at each reporting date, with differences recognized in the Profit and Loss account. Non-monetary items held at historical cost are not re-translated
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