12-10-2006, 04:57 AM
L/C Usance, L/C at sight, L/C acceptance, L/C...etc
Can anybody explain these terms. The bank confirmation at the year end shows balances in respect of these headings of L/C. In the Financial Statement balance of L/C Acceptance is presented as liability and the rest of the L/C confirmation are shown as commitments in the FS. What is the criteria for the disclosure of L/C balances. Can anybody give the answer?
Can anybody explain these terms. The bank confirmation at the year end shows balances in respect of these headings of L/C. In the Financial Statement balance of L/C Acceptance is presented as liability and the rest of the L/C confirmation are shown as commitments in the FS. What is the criteria for the disclosure of L/C balances. Can anybody give the answer?
