Revenue recognition of import purchases
This query is : Resolved
Deepak vishwakarma
(Querist)
25 July 2016
hello sir,
one of my client engaged in manufacturing of Cosmetics product, purchases raw material from itely and take custom rate for recongition.
but as per AS-11 rate specified for recongition is spot rate or average rate.
what is the actual treatment for recongnition. and what compay do further after recongnition
if spot rate follows then which date rate taken for recongition. good enter into india or if customer received good date.???
one of my client engaged in manufacturing of Cosmetics product, purchases raw material from itely and take custom rate for recongition.
but as per AS-11 rate specified for recongition is spot rate or average rate.
what is the actual treatment for recongnition. and what compay do further after recongnition
if spot rate follows then which date rate taken for recongition. good enter into india or if customer received good date.???
Amol S Joglekar
(Expert)
25 July 2016
The actual rate can be taken as the VALUE. What is the problem?
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