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Revenue recogonition
In a Purchase Order No Inco terms are mentioned , but the Freight of the goods is in the scope of the Sellor. Than When could be the Revenue Recogonised , at the time it leaves Sellor Factory , Or it is delivered to buyers works. ??
Replies (1)
According to AS9. revenue for sale of goods should be recorded when "significant risks and rewards of ownership are transferred to the buyer where seller retains no effective control over the goods to a degree usually associated with ownership.
If the sale completes only after it is transported by seller to the buyer's place and is accepted by him then recognise revenue at the time of delivery to buyer.
If the sale completes only after it is transported by seller to the buyer's place and is accepted by him then recognise revenue at the time of delivery to buyer.
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