a-company-ships-goods-under-fob-shipping-point-terms-when-does-the-ownership-tra

Question

A company ships goods under FOB shipping point terms. When does the ownership transfer to the buyer under both GAAP and IFRS?

Accepted Answer

When the goods are shipped.

Answer

When the goods arrive at the buyer's location.

Answer

When the buyer pays for the goods.

Answer

When the seller issues an invoice.