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?
Menu
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
Recent Topic
- GTA Annexure V Non Compliance
- Calculation of Demand due to interest u/s 220(2)
- Legal profession business code in section 44ADA
- Whether Indexed Capital Loss Can Be Claimed Under
- Form 145 and 146 Foreign Remittance in Excel Forma
- E invoice missed out/not generated for FY2025-26
- Can a broker's software legally override actual po
- Startup exit in Sept 2025: Can I still save LTCG t
- Need advice
- GST registration
Related Topics
CAclubindia
