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Ind As 115

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Soham U

30 Points Posted on 15 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
Please Suggest

Replies (5)

Quick Summary

This discussion clarifies revenue recognition under Ind AS 115 for export sales. The key question is whether revenue should be recognised in the financial year the invoice was issued (March 2020) or when the goods were purchased, shipped, and exported (April 2020). The consensus suggests that for exports, revenue recognition is typically tied to the date of the Bill of Lading, meaning revenue should be recognised in April 2020 if the Bill of Lading falls within that month, regardless of the invoice date.