How to record a import purchase in a/c books

There is 2 aspects discussed in AS-11 initial recognition and subsequent recognition

Initial recognition means at the time of purchase and recording the same in Books You have to follow the rate which approximates the exchange rate .It can be TT Buying Rate,TT selling Rate,Spot Rate,Inter Bank Rate or Merchant Rate..There is one site called ooanda.com where you get all rates for say 10 years

Suppose at the year end this laiblity is not settled or partially settled then you have to arrive at Subsequent recognition

Subsequent recognition means reinstating the laiblity at Closing exchange rate .The Exchange Difference now is to be shown in the asset or Laiblity side after 1.4.2011 instead of in P&l which was hitherto done