Date of accounting for purchase of imported goods

Rohit Agharkar (Internal Auditor) (39 Points)

24 April 2012  

I wanted to know the general practice followed by corporates regarding the date of recording the purchase of imported goods.

Is it correct to record purchase at the date of Bill of Lading / the date of bill of entry/ the date of invoice of the supplier or the date of clearance of goods from the customs warehouse?

When can it be said that risk and rewards of ownership are significantly transferred to the buyer?