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Forums › Ask ACCA Tutor Forums › Ask the Tutor ACCA FR Exams › Recognizing the Goods or Assets Purchased
Dear Lecturer,
I would like to ask you a question related to the recognition of goods or assets purchased ?
Should we recognize the goods or fixed assets purchased based on the invoice date that we received or based on when we received those goods or fixed assets (receiving date) ? Why ? Please help to provide me with the detailed explanation.
Thank you in advance, lecturer.
Hi,
You would book it when the goods are received as that is when they are under your control.
Thanks