https://www.taxtmi.com/forum/issue?id=622 A company received a foreign currency advance credited in rupees and recorded as a current liability; rupee devaluation increased the rupee liability by the balance sheet date. The central question is whether the exchange difference must be recognised at the balance sheet date and whether any resultant exchange loss is allowable as a revenue deduction in the year of receipt, which depends on applicable accounting standards for revenue recognition and foreign currency transactions. en-us Wed, 02 Jan 2008 11:00:08 +0530 Thu, 23 Jan 2025 15:58:55 +0530 TaxTMI RSS Generator https://www.taxtmi.com/forum/issue?id=622 A company received a foreign currency advance credited in rupees and recorded as a current liability; rupee devaluation increased the rupee liability by the balance sheet date. The central question is whether the exchange difference must be recognised at the balance sheet date and whether any resultant exchange loss is allowable as a revenue deduction in the year of receipt, which depends on applicable accounting standards for revenue recognition and foreign currency transactions. Discussion-Forum Income Tax Wed, 02 Jan 2008 11:00:08 +0530 https://www.taxtmi.com/forum/issue?id=622