As -11 applicability

hetalsangoi (Querist) 11 August 2012 This query is : Open
accounting std 11 to whom it is compulsory?

how to do reporting in audit report by the auditor in foll case:-
1.client has both import & export business.
for accounting of same he used book purchase & sale on the basis of mercantile method. when he made payment or received payment , do not debit or credit the foreign fluctuation account, but at the year end he convert the outstanding balance at the closing rate as on 31.03.2012. he claimed the out put will come one & same if he has followed the accounting as per as -11.

Is he right?

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