Revenue Recognition

It all depends on the type of contract that u enter into with the Foreign party.

If it is a CIF Contract, all risks and rewards pass on to the buyer only when the goods reach at his port. So u can recognise the revenue on that day.

If it is a FOB Contract, once u deliver the goods to the Sending Ship, u can recognise revenue.

If its an Ex-factory Sale, u can book revenue once the goods are removed from the Factory

Correctme if i am wrong. 

MAGESH IS RITE..JUST WANT TO ADD THAT THE DECISIVE EVENT IS WHEN THE OWNERSHIP (i:e ALL RISK & REWARD ASSOCIATED WITH THE OWNERSHIP) IS TRANFERRED..

Timing of revenue recognition as described by AS 9 is when all the following conditions are satisfied:-

1) Amount can be MEASURED with Certainity.

2) There must be certainity of COLLECTION  

3) OWNERSHIP must have been TRANSFERRED to the buyer.