forreign currence

[Former Member]

Hi, Experts

i have query regarding the currency, my client is having companies in USA and INDIA, in Indian company they are using INR currency,but they want to change currency for Indian company to USD currecy.

reason is for the preparation of IFRS ( International Financial Reporting Standard ). They want to output the monthly financial reports like Balance Sheet, Income Statement and Cash Flow Statement and Inventory Report using USD.

Their first solution is a kind of compendium method, it means, exchange Indian Rupee to USD using determined rate ( for example average rate in the end of last month ) after monthly closing, and then output the financial statement and inventory report using USD.

However, auditing firm of India advised to them that every transaction has to be evaluated by the accurate exchange rate which is issued every day.

Since accounting people has to input exchange rate into SAP every morning, they are finding if there is better solution or not.

• what are the Indian companies which drive multi-currency ( Indian Rupee + USD, etc, )?

• , what kind of evaluation method has to take? ( for every transaction or for monthly evaluation etc, )

please help me about this query, it would great helpful for me.

Regards,

Nagesh.

[Former Member]

Hi,

I think the messege move to 'Forum: International Financial Reporting Standard (IFRS)'.

We have same probrem. I am looking forward this answer.

Regards,

Gaito