QUESTION: From an accounting standpoint, when should revenue be recognized, when title transfers to the buyer or when goods are delivered to the buyer? Citing any relevant accounting principles and statutes or customs regs would be helpful. ========== Answers: From a US GAAP perspective, revenue should be recognized when BOTH title AND risk of loss […]
QUESTION: My organization sells product to foreign companies on FCA terms – Named place -> our dock. This means that the invoice value reflects the value of goods at our dock, not the port. According to the regs, we have to add the inland cost to our invoice value in order to determine the […]
QUESTION: We are a US based manufacturer with a plant in Germany. We receive drop ship orders from Germany and ship directly to the European customer on an FCA (our US plant) basis using their paperwork. Recently our German office is fearful of processing a high dollar drop ship order stating duties may be imposed […]
QUESTION: I am wondering how other companies handle internal corrective action regarding imports and exports? For instance, incorrect quantity shipped or received. We catch these things as they happen and correct the customs filing, but do you document that the issue was addressed with the employee or the supervisor? Is this verbal or written? Maybe […]
QUESTION: My company decided they will change their legal name to XXXXX Electronics (Americas) Ltd effective March 1. Only the name of the company will change but we are keeping the same tax ID # and bank account #. My question is how does compliance plays a role in this event ? I’m […]
QUESTION: We are currently working on updating our Warranty Policy. I need to confirm if the following Time Frame per Logistics and the Law for Filing Claims for CargoLoss and Damage is accurate. Rail & Motor Mode of Transport – 9 months from the date of delivery Ocean Mode of Transport – […]
QUESTION: Would like to ask the membership their thoughts on Customs Compliance when it comes to their Vendor Management programs. We have a Vendor Management program for many articles that go into our finished product. The Vendors in the USA are the Importer of Record, and they import goods and warehouse them until […]
QUESTION: I have a customs broker license and have been obtaining a Permit every year. For this year, if I don’t renew my CBP Permit, can I renew or apply for it again next year? I don’t do any brokerage work for clients nor provide any consulting service involving customs business. Can I […]
QUESTION: We are a U.S. based company and use a GTM software system that screens 355 lists worldwide. This list includes many lists that are outside of the U.S. consolidated screening list (examples range from Dubai Police – Most Wanted List to Australian Autonomous Financial Sanctions). We received a potential match with a […]
QUESTION: Can someone tell me where in the Regulations it advises how quantity/verification of merchandise is supposed to be handled upon arrival into a warehouse/receiving. Meaning if there are 1000 screws received doesn’t it state somewhere you can count each piece or weigh the outer packaging???? Not sure what or where the regulations speak […]
QUESTION: Anyone know where to find the Korean HTS and Customs rulings in English ? ========== Answer: http://www.mofat.go.kr/mofat/fta/eng/eng_list.htm ==========
QUESTION: Has anyone seen the actual HTS codes for Solar Cells that will have the Trump Administrations 30% tariffs added to them? I have seen in news briefs it could be in effect as soon as February 5th, but nothing as to the specific codes it will apply to. Are we talking about large solar […]
