Hello, I'm from Kazakhstan, where IFRS are just beginning to enter. So I have a lot of questions on accounting under IFRS. I hope for your assistance in this matter.
The first issue of accounting for foreign exchange in accordance with IAS 21 when paying for goods in foreign currency with 100% advance payment.
For non-monetary items including advances in the delivery of the goods does not arise exchange rate. Does this mean that we should consider the product at the rate applicable at the date of prepayment? Can you write entries to record the transaction?
P.S. I apologize for the error, write a Google translator
The first issue of accounting for foreign exchange in accordance with IAS 21 when paying for goods in foreign currency with 100% advance payment.
For non-monetary items including advances in the delivery of the goods does not arise exchange rate. Does this mean that we should consider the product at the rate applicable at the date of prepayment? Can you write entries to record the transaction?
P.S. I apologize for the error, write a Google translator