In Case of Export Sales treatment in accounts, the following are the relevant sources:-
When the entry is to be done in books:-
Revenue Recognition: Accounting Standard 9
“Revenue from the sale of goods shall be recognised when all the following conditions have been satisfied:-
The entity has transferred to the buyer the significant risks and rewards of ownership of the goods…..”
At what rate the sale is to be booked:-
Changes in Foreign Exchange rates – Accounting Standard 11
“21. A foreign currency transaction shall be recorded on initial recognition in the functional currency, by applying to the foreign currency amount the spot exchange rate between functional currency and the foreign currency at the date of transaction”
Export sales to be recorded on the date of Shipped on Board mentioned on the Bill of Lading.
The exchange rate, prevailing on the date of Shipped on Board to be used for conversion of amount into INR.