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 Topics :
- Clarifications for intra day transactions
- CA FINAL FR FINANCIAL INSTRUMENTS (Ind AS 109) Dou
- 70:30 GST rule for solar EPC: partial scope (struc
- TDS on Redevelopers hardship allowance received no
- Who will take FSSAI AND TRADE LICENSE: owner or te
- E Way Bill in respect of Without Bringing Material
- FAST DS 2026 query
- Consultation
- E-way notices for FY 22-23
- Gst file not created
Related Topics :
CAclubindia
