AS-9
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
24 July 2010
Dear sir,
our firm is a trading company. we account purchases based on GRN date and not the date of supplier invoice. A supplier bills on 28th march 2010(date of removal from his factory) and the goods are received in April 5th 2010 and accounted on April 5th 2010, will the accounting treatment voilate AS9. does significant risk & reward of ownership pass to the buyer as on 28th march 2010 itself?
our firm is a trading company. we account purchases based on GRN date and not the date of supplier invoice. A supplier bills on 28th march 2010(date of removal from his factory) and the goods are received in April 5th 2010 and accounted on April 5th 2010, will the accounting treatment voilate AS9. does significant risk & reward of ownership pass to the buyer as on 28th march 2010 itself?
27 July 2010
that will depend on the terms of the purchase order. if the price terms is exworks of the supplier, then it should be accounted as purchase in march itself, as significant risks and rewards would be transferred on 28th itself.
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