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Export sales booking (cif)

This query is : Resolved 
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(Querist)
16 June 2014 In Case of export sales Realization for the Purpose of booking of Export sales weather to consider FOB or CIF value?

For Example:-
CIF value 500 US$
Freight/ Insurance 50 US$
FOB Value 450 US$

Weather to book 500 US$ or 450$ as Export Sales Realization as per Indian Accounting Standard??
Kindly also Suggest its Respective Accounting Standard.
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Vishnu Saboo

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Vishnu Saboo (Expert)
17 June 2014 you can book on CIF value, but in notes of accounts you need to give FOB value of same.
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