*Post Balance Sheet Sales Returns Reversal & Inventory Valuation Under AS – Powered by Taxmann.com | Practice* #taxmannpractice Understanding how to account for sales returns after the balance sheet date involves considering revenue recognition principles, differentiating between adjusting and non-adjusting events, and evaluating the overall impact on financial reporting. 𝐊𝐞𝐲 𝐏𝐨𝐢𝐧𝐭𝐬: ‣ Under AS 9, revenue is recognised only when the conditions for acceptance are fully met ‣ Sales made on an approval basis should be recorded only after the transaction is confirmed, accepted, or when the rejection period has expired ‣ Any reversal of sales from previous periods should be treated as a prior period adjustment and disclosed separately if material For detailed provisions and further guidance on accounting treatment, visit: https://taxmann.social/oaJXD 𝘛𝘩𝘪𝘴 𝘤𝘰𝘯𝘵𝘦𝘯𝘵 𝘪𝘴 𝘣𝘳𝘰𝘶𝘨𝘩𝘵 𝘵𝘰 𝘺𝘰𝘶 𝘣𝘺 𝘛𝘢𝘹𝘮𝘢𝘯𝘯.𝘤𝘰𝘮 | 𝘗𝘳𝘢𝘤𝘵𝘪𝘤𝘦 #taxmannupdates #accounting #revenuerecognition #salesreturns #audit #financialreporting #accountingstandards