CA IN PRACTICE... ( CA ) (490 Points)
25 December 2009Dear Friends
What do u mean by Export benfits like DEPB as per AS-9
"Revenue Recognition"
It is written as per ICAI notification.
Please reply.
Amir
(Learner)
(4016 Points)
Replied 25 December 2009
DEPB is simply a drawback of custom duty(import duty) based upon your exports..AS 9 deals with the timing of revenue recognition and as per AS-9 revenue should be recognised if following conditions are satisfied
1) Amount can be measured with certainity.
2) Attached conditions must have been complied with i;e in this case goods eligible for DEPB must have been exported..
3) There is no uncertainity of it's(DEPB) collection.
CAclubindia
