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of <h1>Indian Government Accounting Standards Mandate Disclosure of Guarantees by Governments for Transparency in Financial Statements</h1> The Indian Government Accounting Standards (IGAS) outlines the disclosure requirements for guarantees provided by the Union, State, and Union Territory Governments. These guarantees cover various financial obligations, including repayment of borrowings and interest, and are contingent liabilities. The standard mandates comprehensive disclosure in financial statements, detailing the maximum amount guaranteed, additions, deletions, and outstanding guarantees. It also requires information on guarantee commissions, redemption funds, and structured payment arrangements. The aim is to ensure transparency and uniformity in reporting these financial commitments, which have significant economic implications. The standard became effective for financial statements from April 1, 2010.
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