While valuing closing stock of imported raw material can we take the exchange rate used for restating creditors
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Valuation
Replies (4)
No you have to take the exchange rate as on date of valuation. which can be taken from bank
No my question was whether i can restate the stock in the same way as creditors, meaning i have valued the stock of imported item based on exchange rate on date of purchase, can i revalue this stock based on exchange rate on 31.03.09 given by bank
yes you have to calulate the material as on the date of valuation not the date of purchase.
If you are valuating the stock on 31st march then calculation will be done by using exchange rate on 31.03
Can you confirm whether it is mentioned in AS-2?
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