Customs Duties
Code: 5113
👁 Views: 106
Account Information
| Financial Statement | Income Statement |
| Normal Balance | Debit |
Definition
Custom duties paid on imported goods
Note: This account may be broken down into sub-ledgers as needed (e.g., customer/supplier/bank names or branches).
📐 IFRS vs US GAAP Accounting Treatment
IFRS
IAS 2
Inventories
US GAAP
ASC 330
Inventory
❓ Frequently Asked Questions
Q: How are customs duties on purchases recorded?
A: Added to purchase cost with the entry: Dr. Customs Duties, Cr. Bank.