As per AS,at what point import activity is to be recognized in books of accounts. There are 11 delivery terms as per incoterms 2020.
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Accounting Standard on point of import
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Recognize the import in your books when the risks and rewards of ownership transfer to you, as dictated by your specific Incoterms® 2020 clause. Record the asset at its total landed cost, including the invoice price and all incidental expenses like freight, insurance, and customs duties.
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