Date of accounting imports
Querist : Anonymous
Is it to be accounted on the date of commercial invoice/ date of bill of lading/ date of bill of entry and accordingly which exchange rate to be recorded?
No advance payment has been made against the same. Capital item is purchased.
Querist : Anonymous
In my case, the date of commercial invoice falls in one accounting year and the date of bill of entry falls in another accounting year?
In which year do I account for the capital item purchased?
i)As per Accounting standard 9 and icai expert opinion...import purchases to be recognised on when all significant risks rewards transfered to you from supplier
So in case of FOB contracts: Purchase to be recognised on Bill of ladding
In case of CIF contracts: Purchases can be recognized on date of Bill of entry.So bill of entry is important and not the commercial invoice..for recognition creteria
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Just keep in view that recognition should be when all risks rewards transfered to your from supplier
2)however you can also employ rate of exchange of RBI as on such date and can follow this accounting policy cnsistently
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