Export Sale as per Accounting standard

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student
28 Points Posted on 13 April 2021

Dear Sir / Madam

I am selling goods outside country but my Incoterm is DAP then what will be the date of Export Sale ? ie LEO date or delivery date of goods to buyer.

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On 13 April 2021 at 14:48 Report
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This discussion clarifies the recognition date for export sales when using DAP Incoterms, according to Accounting Standard 9 (AS 9). It explains that the export sale date, for revenue recognition purposes, is typically the LEO (Landed Export Order) date, as this is when significant risks and rewards are transferred to the buyer, rather than the physical delivery date.

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Chartered Accountant
24588 Points Posted on 13 April 2021
LEO Date will be the date of export sale
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On 13 April 2021 at 15:25
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Practising CA
8954 Points Posted on 14 April 2021
Academically, export sales shall be recognized as revenue as per AS 9 when Significant risks and rewards are transferred to the buyer.
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On 14 April 2021 at 20:54

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