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Dear Tutor,
when do we recognise revenue in case of bill and hold agreement? is it when the customer receives the goods? or at point we bill him?
Similarly, if customer is based overseas and he places order, when do we recognise? at point we recieve deliver thr goods or at point when we bill him?
Hi,
The treatment is similar to that under the old standard but the key now is in relation to who has control, whereby the old standard spoke about the transfer of risks and rewards of ownership.
So when looking at the specifics in the question you are looking for when control has transferred, and if it has then we recognise the revenue.
Thanks
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