Query in as 11

Initial recognition recorded at approximate rate what is approximate rate not defined in AS-11.IT CAN BE SPOT RATE OR TT Buying or Selling rate 

Transaction date is the date on which property on the goods transferred to the buyer i.e., the date on which risk on the goods transferred to the buyer. Transaction date in case of FOB purchase is the date of Bill of Lading &  in case of CIF purchase it is Bill of entry date.

@ praveen konappa:

Praveen, but even in CIF, i think risks and rewards are transferred by the seller at the time of dispatch. While the seller takes insurance cover on behalf of the buyer. 

So even in such case, ownership is transferred at the time of dispatch and payment date would be more appropriate!

The date of Bill of Lading  should be the transaction date for recording the transaction,because as explained by one of our friend on that the property(title in the goods)is passed on to the importer.

And this is the date after which the overseas sale by transfer of title in goods through endorsement can be made by the importer.

All other dates are only like payment of advance,receipt of goods,payment of bill etc are only procedural modalities.

kkm