Ind As 115

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30 Points Posted on 14 May 2020
Query :
If Invoice has been made for exporting goods in March 2020.However Purchases for the same Export order has been made in April and Shipping Bill also made in April and Actual Exports also made in April.
How to recognize revenue ?
Whether to record revenue in the FY 2019-20 or FY 2020-21
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On 14 May 2020 at 23:54 Report
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Quick Summary
This discussion addresses a query regarding Ind AS 115 revenue recognition for exported goods. The core issue is determining the correct financial year to recognise revenue when the invoice was issued in March 2020, but purchases, shipping, and actual export occurred in April 2020. The user is seeking guidance on whether to recognise revenue in FY 2019-20 or FY 2020-21, considering the transfer of risks and rewards.

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Finance/Compliance Consultant
69413 Points Posted on 15 May 2020
You can record the same for F.Y. 2019-20
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On 15 May 2020 at 00:24
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30 Points Posted on 15 May 2020
Can we say that Risk and rewards is transferred in next FY so recognise revenue in April?
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On 15 May 2020 at 08:48

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