Ind AS 115 revenue recognition 🤔

[@priyanka-3874]

Bhaiya aap boht interesting scenarios share karte ho Par shorts m hi answer bhi bta diya karo ya fir comments m …end m kya hua pata toh lage

[@thefoodieszone9394]

Reverse the revenue because performance obligation is not satisfied

[@abhijit_mahapatra]

In my opinion, unitl and unless there is no specific agreement in between both the parties related to the delivery of the goods and if the ship is arraged by the customer then the POD should be handover to the vendor at the time of loading of shipment on the ship and the revenue shall be recognised at that point of time itself.

[@MENclass]

The property in goods passes to the buyer when the goods are put into deliverable state by the seller.

[@millindkhanna6791]

As per IND as 115 the revenue is recognised at a point in time that is when the control or ownership has been transferred to the customer in this case the purchasing order is the legal document which states that the right will be transferred when the goods reach the customers port that is CIF contract hence the supplier is wrong

[@shailsheth715]

Performance obligation not satisfied as per PO hence liability casts on vendor upto port of customer hence revenue can not be recognised.

[@aartisharma1918]

Insurance cover Jo bhi nikalega wahi risk bear karega. Agar exporter insurance cover ke liya liable hai toh revenue recognise tab hoga jab importer ke portal par goods poach Jaye.

[@kritansubedi3163]

cannot be included until substantial managerial involvement is present

[@AniKdoo200]

aapke client ki policy kya h revenue recognition ki uspr depend krta h but jo bhi contract ke terms h agr voh dono agree krte h then in this case reverse krna chaiye as PO unsatisfied h

[@KBSINN]

You are right

[@anaykumar108]

Reverse Krna chahiye .

[@kaxitranpara9080]

Kya uska marine isurance hain?

[@cauditsingh]

Client sahi hai Term of contract main rahegaa PO ke liye

[@VIKAS5478]

Payment term kiya hai

[@VIKAS5478]

Means Fob and cif

[@kumarrao3328]

Risk bear with ownership

[@ANKUR_JHA_]

Client is right

[@ankitgupta5039]

Reverse it

[@akashkumarjaiswal6455]

Reverse