Government grants recognition and treatment requires assurance of conditions, prescribed accounting allocation and disclosure standards. ICDS VII governs recognition, measurement and allocation of government grants: recognise grants only with reasonable assurance of compliance and receipt; ... Summary
Government grants recognition and treatment requires assurance of conditions, prescribed accounting allocation and disclosure standards.
ICDS VII governs recognition, measurement and allocation of government grants: recognise grants only with reasonable assurance of compliance and receipt; deduct grants related to depreciable assets from asset cost or block written down value; recognise grants tied to non-depreciable obligations as income over the period of related costs; apportion grants not directly attributable to assets among related assets; recognise compensatory or immediate-support grants when receivable; measure non-monetary concessional grants at acquisition cost; apply refundable grants against deferred credit or charge excess to profit; increase asset cost for refundable grants related to depreciable assets with prospective depreciation adjustment; disclose nature, extent, treatment and reasons for non-recognition.
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